Thndr Claps » Saudi Claps » Islamic Finance 🕌 » Halawani Bros. secures credit facility 💰
The ClapHalwani Bros. (6001) secured a Sharia-compliant bank credit facility with the Gulf International Bank for SAR 120mn.
WhatThe facility will be divided into two: SAR 100mn to finance working capital with a one-year duration to be renewed annually and SAR 20mn for treasury products for a duration of 5 years.
So WhatHalawani Bros. recorded a net loss of about SAR 23mn during Q3 2022, compared to a net profit of around SAR 14mn during Q3 2021.
Now WhatThe company will provide a promissory note with the total value of the facilities as a guarantee in return for the financing.
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