Riyadh-Mubasher: Bawan Holding has signed an agreement with the Saudi Investment Bank (SAIB) to renew an Islamic credit facility agreement worth SAR 161.1 million, the company said Tuesday in a bourse statement.

 Thus, the facility’s tenure will be extended from 8 February 2016 to 31 July 2016.

The move aims to finance the company's working capital requirements and capital expansions.

Bawan said a total of SAR 150 million from the loan has been allocated towards financing its working capital and will be due within six months.

The Tadawul-listed company has the right to use SAR 50 million to fund its capital expenditure requirements and repay that amount in quarterly installments over a period of 36 months.