The Saudi Automotive Services Company (SASCO) announced the signing of a credit facility agreement (in accordance with the provisions of Islamic Sharia) with the Arab National Bank.
Sasco said in a statement to the Saudi market (Tadawul) today, Monday, that the total value of the bank facilities amounted to 250 million riyals, and the financing was obtained yesterday.
The company explained that the financing is divided into long-term financing of 150 million riyals, and short-term financing of 100 million riyals includes the issuance of bank guarantee letters of 75 million riyals (restricted) To issue payment guarantees for fuel purchases).
She stated that the term of long-term financing extends to 7 years from the date of withdrawal, as well as short-term financing extending to 12 months from the date of withdrawal, stating that the guarantees provided against a bond For a 100% order.
According to the statement, the objective of this agreement is to expand the company's projects, support its main activities, buy new sites to build petrol stations, and finance working capital. >
