Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) has signed a murabaha financing deal with Al Rajhi Bank, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The loan worth SAR 117.5 million ($31.34 million) will be used to finance the purchase of 100 2017 Mercedes-Benz buses, the company revealed, adding that it will repay the facility on monthly instalments over a three-year period.

The first instalment will be paid one month after receiving the loan sum, the public transportation company added.

Earlier this year, SAPTCO announced signing an agreement to buy 200 2017 Mercedes-Benz buses at a total value of SAR 235 million ($62.67 million).