Saudi news

Amending a facility agreement with Al Rajhi Bank for 231 million riyals

“Halwani Brothers” announced that it had signed an amendment to an existing banking facilities agreement in compliance with the provisions of Islamic Sharia with “Al-Rajhi Bank”, at a value of 230.83 million riyals.

The company stated in a statement on “Tadawul Saudi Arabia”, today, Sunday, that the financing value includes 20.83 million riyals of medium-term financing that extends to the end of March 2024, and 210 million riyals of facilities to finance working capital until the end of July 2023.

The company stated that the amendment of the agreement comes with the aim of reducing the cost of financing, adding that it provided a promissory note for the total value of the facilities as a guarantee against financing.

Last week, Halwani Brothers signed a Sharia-compliant banking facilities agreement with Gulf International Bank, at a value of 120 million riyals.

The company said that the financing facilities with Gulf International Bank include 100 million riyals in facilities for financing working capital, and 20 million riyals in facilities for treasury products.

She added that the term of financing working capital facilities is one year from the date of signing the agreement and is renewed annually, and treasury products are for a period of 5 years.

The “Halwani Brothers” company turned to a loss of about 23 million riyals in the third quarter of 2022, compared to a net profit of about 14 million riyals in the third quarter of 2021.

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