Halwani Bros reclassifies SAR 65M credit facilities with Al Rajhi Bank

30/09/2024 Argaam
Logo ofHalwani Bros. Co.

Logo of Halwani Bros. Co.

Halwani Bros. Co. signed today, Sept. 30, an agreement with Al Rajhi Bank to reclassify a portion of its outstanding credit facilities to improve the company's financial efficiency.

 

In a statement to Tadawul, the company announced reclassifying SAR 65 million, as part of the outstanding working capital financing to a medium-term loan.

 

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The medium-term loan will remain valid until Sept. 30, 2028, the statement said. The facility is guaranteed by a promissory note for the total value of the loan.

 

There are no related parties to the deal.

 

Halwani Bros. signed, on Sept. 17, 2023, a Sharia-compliant credit facilities agreement worth SAR 210 million with Al Rajhi Bank, data available with Argaam showed.

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