Riyadh – Mubasher: Halwani Bros Company obtained Sharia-compliant financing worth SAR 120 million from Gulf International Bank (GIB) on 1 January 2023, according to a bourse filing.

The loan comprises SAR 100 million facility to finance the company’s working capital. It holds a tenor of one year, which is renewable annually.

With a five-year maturity period, the remaining SAR 20 million funding will be directed to treasury products.

Meanwhile, the financing agreement is secured by a promissory note with the total value of the loan.

In June 2022, Halwani Bros’ units in Egypt penned a deal with Aquat Food Industries Company, the sister company of ALBAIK Food System Company, to join forces and cooperate in the field of food manufacturing for ALBAIK products.