Halwani Brothers Company has signed Islamic Shariah-complaint financing agreements worth a total of 140 million riyals ($37.3 million) with Al Rajhi Bank.

Under the agreement, the Saudi-based food manufacturer will secure a medium-term three-year financing of 65 million riyals and a one-year renewable facility of 75 million riyals to meet working capital requirements, the company said in a filing on Saudi bourse, Tadawul Wednesday.

The facilities will be guaranteed by a promissory note for the total amount and will be renewable annually from the date of signing of the agreement 

(Writing by Brinda Darasha; editing by Daniel Luiz)


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