Saudi Automotive Services Co. (SASCO) signed a Sharia-compliant credit facility agreement with Arab National Bank (ANB) at a total value of SAR 250 million, the company said in a bourse statement.
The credit facility will include a long-term loan of SAR 150 million with a seven-year tenor, a short-term loan of SAR 100 million with a 12-month tenor, in addition to letters of guarantee at SAR 75 million.
The facility is guaranteed by a promissory note at 100% of total facilities.
The facility will go towards financing the company's expansions, boosting core operations, building new fuel stations in addition to financing the working capital.
No related parties are involved in the deal, the statement added.
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