SAPTCO subsidiary secures SAR 200 mln murabaha loan from ANB

Saudi Public Transportation Company (SAPTCO) said its 80 percent owned subsidiary, Public Transportation Co., has secured a SAR 200 million Murabaha loan facility from the Arab National Bank (ANB).

The loan tenure extends for six years, and will be guaranteed by waiving the project’s proceeds, SAPTCO said in a bourse filing.

The loan facility will finance maintenance of buses and building facilities for the project. It will be repaid in quarterly installments.

In 2014, SAPTCO and RATP Dev said they had signed a SAR 7.86 billion contract with the High Commission for the Development of Arriyadh for the King Abdul Aziz public transportation project.

The contract stated that SAPTCO and RATP Dec should provide about 1,000 high-specification buses for a period of 10 years after a preparation period of 24 months.