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SAPTCO’s unit secures SAR 1.1bn loan for Riyadh Buses project

SAPTCO’s unit secures SAR 1.1bn loan for Riyadh Buses project
The loan is guaranteed by a 100% promissory note
SAPTCO
4040
1.68% 15.76 0.26
ANB
1080
-1.34% 19.14 -0.26

Riyadh – Mubasher: Public Transport Company, an 80% subsidiary of the Saudi Public Transport Company (SAPTCO) has sealed a Sharia-compliant credit facility agreement with the Arab National Bank (ANB) for SAR 1.1 billion.

The loan, guaranteed by a 100% promissory note, will strengthen the cash flows necessary to finance the unit’s requirements for King Abdulaziz Public Transport Project “Riyadh Buses”, according to a bourse statement on Tuesday.

Moreover, the loan term is extended over a period of seven years.