GSW to convert BSF credit facilities into Islamic

Gulf Steel Works (GSW) has agreed with Banque Saudi Fransi to turn its existing credit facilities into Islamic finance facilities, the company said in a statement.

The process requires two to three months to be finalized.

The credit facilities are being used to financing working capital requirements and equipment purchases, the company said.

GSW considers itself as a sharia-compliant firm, as it meets the standards of Islamic finance, the statement added.

The firm plans to sell six million shares, or 30 percent of capital, in an initial public offering (IPO) on the Nomu Parallel Market from Nov. 27 to Dec. 18, Argaam previously reported.