Bawan secures SAR 95.5 mln Islamic loan from BSF

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.