SASCO opens a new investment portfolio:

Saudi Automotive Services Company signed today a portfolio management agreement with Saudi Fransi Capital in accordance with the CMA rules and regulations.

The purpose of this portfolio is diversifying the company’s investments and income sources. The portfolio will be financed by the company’s internal resources as well as local banks; the company said in its filing to Tadawul today.

These investments will be recorded as available for sale investment at fair market value with the unrealized gains/losses recognized within the period’s income. The income statement effect will be realized at the end of each financial period.