Bawan Company, a Riyadh-based building materials firm operating in Kuwait, Saudi Arabia, United Arab Emirates, and Syria, said on Sunday that it is renewing an Islamic credit facilities agreement worth SAR 177.8 million with Saudi Investment Bank (SAIB).
The financing period will start on Sunday and last until July 31, 2015. The amount is covered by a promissory note and a guarantee from Bawan’s affiliates.
The credit is aimed to finance the firm's working capital requirements and capital expansions.
The facilities include an amount of SAR 150 million, which is to be repaid within 6 to 36 months with the possibility of allocating SAR 50 million to fund capital expansions that should be repaid in 12 quarterly installments.
The agreement also includes a SAR 27.8 million medium-term loan that will be repaid in equal quarterly installments ending Dec. 2015.
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