SASCO renews bank facility agreement with Riyad Bank

Saudi Automotive Services Co. (SASCO) has renewed and amended its Sharia-compliant bank facility with Riyad Bank, the company said in a bourse statement on Thursday.

The SAR 370 million agreement includes long-term financing of SAR 235 million, short-term financing of SAR 20 million, letters of credit of SAR 20 million, and hedge of SAR 45 million, in addition to SAR 50 million bank guarantees.

The short-term financing has been extended to one year, while the long-term financing has been increased to seven years from the date of withdrawal.

The credit facility, which is intended to finance the partial repayment of outstanding loans, is covered by a promissory note of SAR 389.27 million.

No related parties are involved in the transaction, the company said.