Riyadh, Kingdom of Saudi Arabia, 2015-5-26 — /EPR Retail News/ — Saudi Automotive Services Co. (SASCO) announces completion of signing Bank facility agreement (Shariah-compliant) with the Saudi British Bank (SABB) on May 25, 2015. To be utilized till 31/01/2016.The facility agreement amounting to SR 150 million, including SR 100 million as a long-term loan and SR 50 million as Letter of Guarantee, the collaterals of this facility is promissory note. The purpose of this facility agreement is to partially finance the Capital Expenditure and expansion plan of the company for buying new lands and construction of new stations.
Note that each transaction shall have a term not exceeding 6 years including one year gace period, from the date of purchase by bank and with minimum of 30 days for each transaction.
Saudi Automotive Services Co. (SASCO)
Riyadh- Al-Ahsa Street
B.O. Box: 51880 Riyadh 11553
Kingdom of Saudi Arabia
Tel : +966 11 206 8855 Ext: 1112
Fax: +966 11 206 8833