Saudi Arabia’s Fawaz Abdulaziz Al Hokair & Co. announces a new agreement with Al Rajhi Bank, Invest-Gate reports.

The company is inking a SAR 1.25 bn Murabaha agreement with the bank to repay all short-term loans at 6-month intervals.

The Murabaha will enable the Tadawul-listed company to rebalance a significant part of its balance sheet and boost its ability to improve overall performance. The payment guarantee is sales proceeds deposited in the company’s bank accounts in Al Rajhi Bank.