Saudi Automotive Services Company (SASCO) signed a SAR 190 million Shariah-compliant bank facility with the Saudi British Bank (SABB), to diversify its investments by subscribing to Saudi Aramco’s IPO.
The company said in a bourse statement on Wednesday that the term of the medium-term financing is 5 years from the date of withdrawal.
The financing is guaranteed by an order note of 100% of total facilities, in addition to mortgaging the equity portfolio of the subscription of Aramco.
The statement further added that the amount of financing will be determined based on the shares that will be allocated to the company after the subscription.
No related parties are involved in this agreement, the statement added.
The IPO of Aramco's shares started on November 17 and lasts until December 4, 2019, Argaam reported earlier.
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