Halwani Brothers Company announced the signing of a Sharia-compliant banking facilities agreement with Gulf International Bank, with a total value of 120 million riyals.
Halwani Brothers said in a statement on Tadawul, today, Monday, that the facilities are divided into two parts, the first with a value of 100 million riyals, which are facilities for financing working capital, and the second with a value of 20 million riyals as facilities for treasury products.
Halwani Brothers stated in the statement that the financing period for working capital facilities is one year from the date of signing the agreement and is renewed annually, while treasury products have a financing period of 5 years.
The Halwani Brothers Company added that the aforementioned financing facilities aim to finance working capital and treasury products.
Halwani Brothers had a loss in the first nine months of 2022, at a value of 5.1 million riyals, compared to profits for the same period in 2021 amounting to 65.7 million riyals.
