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.
A week ago, Halwani Bros. Co.’s shareholders approved the board’s recommendation on paying cash dividend at 15 percent of capital, or SR 1.5 a share, for 2020, totaling SR 47.14 million.
Halwani Bros is the pioneer in the world of food production, manufacturing and distribution in the Kingdom of Saudi Arabia. In the last ten years alone, it has accomplished a great deal.
The most important achievement, besides affiliation with the Dallah Albaraka Group for industrial investment, was the transformation of Halwani Bros activities from straightforward selling to comprehensive marketing and distribution.
Source Zawya