Bawan secures SAR 200 mln Islamic facilities from GIB

Bawan Company on Tuesday inked Islamic bank facilities agreement worth SAR 200 million with Gulf International Bank (GIB), the company said in a bourse statement.

The financing period starts from Sept. 19, 2017 until Dec. 31, 2017. The facilities used should be repaid within 12 months from the start date, the company added.

The facilities, intended to finance working capital requirements, are covered by a promissory notes and some affiliates’ guarantee.