Riyadh – Mubasher: The Saudi Automotive Services Company (SASCO) has inked a Sharia-compliant bank facility agreement worth SAR 504 million with Riyad Bank.

The facilities include ten-year financing worth SAR 450 million with a hedging limit of SAR 54 million, according to a bourse filing on Monday.

Part of the long-term loan will be used to finance the SAR 1.1 billion acquisition of 80% of the capital of Naft Co, according to a bourse filing on Monday.

The facilities are guaranteed by a promissory note.

It is noteworthy to mention that in January 2022, SASCO acquired 80% of NAFT Services Limited Company’s share capital, which was funded through the company's self-resources and bank facilities.