Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Arab National Bank
| Element List | Explanation |
|---|---|
| Introduction | Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with ANB as follows: |
| Date of Receiving the Credit Facility | 2020-06-28 Corresponding to 1441-11-07 |
| Financier | Arab National Bank (ANB). |
| Credit Facility value | Total Facilities 250,000,000 SR The discretion as follow:-
Long term Financing 150,000,000 SR Short term Financing 100,000,000 SR including A Revolving LG Facility amounting to 75,000,000 SR. |
| Credit Facility duration | Long Term financing is extended to 7 years from the date of withdrawal.
Tawarruq Facility of 100,000,000 SR with tenor after 12 months (door to door) to finance general working capital requirements. |
| Guarantees Provided for Credit Facility | Order note of 100%. |
| Purpose of the Credit Facility | The reason lies behind this facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements. |
| Related Parties | No related parties on this agreement. |
| Additional Information | The agreement was completed signed on 28 June 2020. |
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