Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) signed a sharia-compliant credit facility agreement with the Arab National Bank (ANB) at a total value of SAR 250 million.

The agreement includes a seven-year SAR 150 million long-term loan, and a short-term tawarruq facility of SAR 100 million for 12 months, including letters of guarantee worth SAR 75 million, according to a stock exchange statement on Monday.

The financing, guaranteed by a promissory note, will help SASCO expand its scope of business, support its main activities, purchase new sites to build fuel stations while financing the working capital.