Retailing and Operation Division
Riyadh, Kingdom of Saudi Arabia, 2015-8-26— /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces completion of signing of the Bank facility agreement (Shariah-compliant) with the National Commercial Bank (NCB) on 25 August 2015 at a value of SR 151,825,000 against signed promissory note.
A part of the above mentioned facility agreement is Murabah Islamic long term loan amounting to SR 101,125,000 for seven years (Including grace period one year) scheduled to be settled in semi-annual instalments.
Furthermore, the facility agreement includes a short term loan at SR 25,700,000 scheduled to be settled in one instalment after four months from the withdrawal, in addition to a letter of guarantee amounting to SR 25,000,000.
It is noteworthy that the reason lies behind this facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.