Saudi Emirati borrows SAR 220 mln to buy 1,060 buses

24/05/2015 Argaam

Saudi Public Transport Co. (SAPTCO) said that its 50 percent-owned subsidiary Saudi Emirati for Integrated Transportation (SETCO), has signed a SAR 220 million facilities deal with the Saudi British Bank (SABB) to pay for the purchase of 1,060 buses.

 

The deal was signed last Thursday, according to the company’s statement to Tadawul. The buses will be used for school transportation.

 

The loan will be repaid through monthly installments over four years. The first payment is due in six months from the date the funds were disbursed.

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