Bawan Co., which operates in Saudi Arabia's building materials sector, said on Tuesday that it has extended an agreement with Bank Al Bilad for Sharia-compliant facilities worth SAR 300 million.
 
The agreement term starts from Feb. 3  and lasts until Nov. 11. The credit facilities will be repaid within six months to a year, according to the company’s filing on Tadawul, Saudi Arabia’s bourse.
 
The facilities will go for financing working capital requirements. The loan was guaranteed by a promissory note and a security guarantee from Bawan’s affiliates. 
 
Proceeds of contracts with advance payments that exceed SAR 2 million will be waived in case of issuing letters of credit.

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