Halwani Bros Company has secured SAR 230.83 million total funding from Al Rajhi Bank after it penned an amendment of existing Sharia-aligned compliant financing agreement with the lender to endorse the working capital and reduce finance costs.

The funding includes SAR 210 million allocated for the working capital until the end of July 2023.

Halawani Bros also received SAR 20.83 million as a medium-term loan with a duration period until the end of March 2024.

The loan, which was obtained on 5 January 2023, is secured by a promissory note worth the total facility amount, according to a bourse filing.

At the beginning of January, the listed company secured financing worth SAR 120 million from Gulf International Bank (GIB).

Meanwhile, Halawani Bros obtained SAR 140 million from Al Rajhi Bank a year ago.