Riyadh – Mubasher: Bawan Company has renewed a SAR 200 million ($53.3 million) Islamic facility agreement with Bank Albilad to finance working capital requirements, according to a bourse statement.

The deal, which will effective from January 9 January until 9 February 2017, aims to finance Bawan’s working capital requirements

The credit facilities will be paid within a maximum period of six months, the company added.

The agreement will be guaranteed by a promissory note and performance guarantee from Bawan’s affiliates, in addition to waiving contract revenues worth over SAR 2 million if letters of guarantee are issued.