Halwani Bros reclassifies SAR 65M credit facilities with Al Rajhi Bank

30/09/2024 Argaam

Halwani Bros reclassifies SAR 65M credit facilities with Al Rajhi Bank

Logo of Halwani Bros. Co.

Halwani Bros. Co. signed today, Sept. 30, an agreement with Al Rajhi Bank to reclassify a portion of its outstanding credit facilities to improve the company's financial efficiency.

 

In a statement to Tadawul, the company announced reclassifying SAR 65 million, as part of the outstanding working capital financing to a medium-term loan.

 

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The medium-term loan will remain valid until Sept. 30, 2028, the statement said. The facility is guaranteed by a promissory note for the total value of the loan.

 

There are no related parties to the deal.

 

Halwani Bros. signed, on Sept. 17, 2023, a Sharia-compliant credit facilities agreement worth SAR 210 million with Al Rajhi Bank, data available with Argaam showed.

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