Riyadh – Mubasher: Halwani Bros on Monday said it signed an Islamic sharia-compiled loan with Banque Saudi Fransi (BSF) for SAR 150 million ($40 million).

The loan extends from 4 February 2019 to 30 June 2023, Halwani Bros said in a statement to the Saudi Stock Exchange (Tadawul).

It added that the loan was guaranteed by a promissory note and standard banking documents.

The food-and-beverage firm further stated that it would use the loan to restructure financing resources, indicating that there were no third parties to the transaction.

Halwani Bros’ stock closed Monday in the green, adding 0.44% to SAR 46, whereas BSF’s stock fell 0.97% to SAR 35.60.