Saudi Public Transport Co. (SAPTCO) on Monday has signed a SAR 61.5 million Murabaha financing agreement with Al Rajhi Bank, the company said in a bourse statement.
The funds will be used for the purchase of 50 Mercedes buses.
The financing is covered by a promissory note and will be repaid in monthly installments for five years, the first of which will be due one month after the first withdrawal date.
No related parties are involved in the transaction.
Last April, SAPTCO signed a contract to purchase 50 Mercedes buses at a total value of SAR 61.5 million.
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