Bawan inksSAR 200 mln facilities agreement with Al-Rajhi

Saudi Arabia-based ​Bawan Co. signed on Monday an agreement with Al-Rajhi Bank to secure Sharia-compliant facilities worth SAR 200 million.

The agreement lasts from Feb. 2 until August 16, 2015. The facilities will go for financing working capital requirements, according to the company’s filing to Tadawul, Saudi's​ bourse.

The loan was guaranteed by a promissory note and a performance guarantee from Bawan’s affiliates. The credit facilities will be repaid within six months maximum.