Riyadh – Mubasher: The Saudi Automotive Services Company (SASCO) has inked a Sharia-compliant bank facility agreement worth SAR 375 million with Bank Albilad.

The 10-year deal includes a long-term financing worth SAR 300 million in addition to a hedging limit of SAR 75 million, according to a recent bourse disclosure.

The Saudi listed firm will use part of the long-term loan to finance the 80% equity acquisition of  NAFT Company.

Last February, SASCO also signed a facility agreement with Riyad Bank at a value of SAR 504 million, of which part was allocated to the acquisition transaction.