Saudi Automotive Services Co. (SASCO) aims to open new stations this year to boost its cash flows and repay debts, chief executive officer Riyadh Al-Malik told CNBC Arabia on Wednesday.
"SASCO has ample liquidity and is able to repay all debts on time," Al-Malik said.
The company has recently secured a loan from Bank Aljazira to expand its network, develop existing locations, and automate station operating systems.
SASCO secured an Islamic facility worth SAR 150 million from Bank Aljazira yesterday, Argaam reported.
Commenting on Saudi Aramco and Total's entry into the market, Al-Malik said the presence of both companies is positive, as it will enhance competition and service quality, and improve the applicable regulations.
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