Bawan Co. signed a medium-term Islamic loan agreement worth SAR 95.5 million with Banque Saudi Fransi (BSF), the company said in a bourse statement on Wednesday.

 

The company will use the loan to partly finance its planned acquisition of Arnon Plastic Industries Co. 

 

The five-year credit facility, which has a two-year grace period, was guaranteed by a promissory note and some affiliates.

 

No related parties are involved in the deal, the statement added.

 

In early January, Bawan signed a deal to buy 100 percent of Arnon for SAR 191 million, Argaam reported.

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