Saudi Public Transport Co. (SAPTCO) on Thursday signed a Murabaha financing agreement worth SAR 117.9 million with Arab National Bank (ANB), the transport services provider said in a statement to Saudi bourse, Tadawul.
The loan facility, which was taken against promissory notes, will go towards financing the purchase of the remaining 100 Mercedes-Benz buses (model 2017). SAPTCO last year signed an agreement to purchase 200 2017 Mercedes-Benz buses at a total value of SAR 235 million.
The facility will be repaid in monthly installments for three years, with the first installment due one month after receiving the financing amount.
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