Riyadh – Mubasher: Bawan Co. has secured a SAR 95.5 million medium-term Islamic loan from Banque Saudi Fransi (BSF).

The loan agreement will last for five years, including a two-year grace period, according to a bourse statement released on Wednesday.

Bawan will utilise the loan to finance the acquisition of Arnon Plastic Industries Co.

No related parties are involved in the deal, the Tadawul-listed company added.

Bawan’s stock retreated 0.14% on Wednesday to SAR 14.06.