Riyadh-Mubasher: Saudi Automotive Services Co. (SASCO) said it signed an agreement with the National Commercial Bank (NCB) on Tuesday to raise a SAR 151.8 million Murabaha loan secured by a promissory note.

The amount stated above includes a Murabaha long-term loan amounting to SAR 101.1 million with a maturity of seven years and a grace period of one year. The loan will be settled in semiannual installments.

Furthermore, the deal also includes a short-term loan of SAR 25.7 million, scheduled to be settled in one installment after four months from the withdrawal, in addition to a letter of guarantee amounting to SAR 25 million.

The facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.