Riyadh – Mubasher: Bawan Co signed on Tuesday, 19 September an Islamic banking facility agreement at a value of SAR 200 million ($53.3 million) with Gulf International Bank (GIB).

The finance will last until the end of 2017, and the company aims through it to finance its working capital requirements, according to Bawan’s statement to the Saudi Stock Exchange (Tadawul).

The finance was taken through a promissory note and guarantee from some subsidiaries, and it will be repaid during a maximum period of 12 months.

By 10:31 am KSA time, Bawan’s stock inched down 0.06% to SAR 17.36.