Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) announced the renewal and amendment of a Shariah-compliant bank facility agreement with Banque Saudi Fransi (BSF).

The agreement was amended by increasing the long-term financing of SAR 200 million.

The renewal aims to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

In addition to the existing long-term financing of SAR 158.2 million, SAR 20 million short-term financing, and the SAR 115 million bank guarantees, as well as SAR 5 million opening documentary credits, and a SAR 25 million hedge, bringing the final total agreement to SAR 523.20 million.

Moreover, the short-term financing has been extended to one year, while the long-term financing has been extended to 6 years from the date of withdrawal, with a one-year grace period.