Saudi Automotive Services Company (SASCO) announces completion of singed a new bank facility agreement (Shariah-compliant) with Riyadh Bank
Date of receiving Credit Facility
2019-02-04 Corresponding to 1440-05-29
Creditor
Riyadh Bank.
Credit Facility value
The facility agreement amounting to SAR 280 million includes a long term loan amounting to SAR 150 million and short term loan amounting to SAR 100 million in addition to letters of government retention guarantee amounting to SAR 30 million.
Credit Facility duration
Short-term financing is extended to 180 days, Long-term financing is extended to 7 years from the date of withdrawal, (Grace Period 2 years).
Guarantees provided for credit facility
Order note of SAR 330 million.
Reason for Credit Facility
To finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements for government projects.
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