Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has signed a bank facility agreement, Shariah-complaint, with the National Commercial Bank (NCB) valued at SAR 166.25 million.

The facility is divided into a long-term financing of SAR 100 million, SAR 55 million short-term financing, and SAR 11.25 million Hedge, according to a bourse filing on Tuesday.

The short-term financing is extended to two months, while the long-term one is extended to seven years from the date of withdrawal.

The company noted that the guarantees provided for this credit facility are represented in an order note of 110% for total facilities.

The facilities will be used to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.