Retailing and Operation Division
Riyadh, Kingdom of Saudi Arabia, 2015-11-27 — /EPR Retail News/ — With reference to the bank facility agreement (Shariah-Compliant) signed on Oct. 26, 2010, by and between the Saudi Automotive Services Company (SASCO) and Arab National Bank (ANB), at a value of SR 130,000,000 with the purpose of financing the company expansion plan as well as acquiring new fuel stations, which has been previously announced on Tadawul website on Oct. 27, 2010.
SASCO is pleased to announce that they have finalized all procedures related to early settlement on Nov. 24, 2015 by paying SR 20,025,000 which was scheduled to be settled by Feb. 28, 2017 according to Instalments timetable. The settlement has been financed from the company resources.
The reason lies behind this early settlement is the company desire to restrain the existing facilities to cope up with the company expansion plan in addition to relief the financial burdens as well as reducing the banking charges.
The financial impact will take place in the 4th quarter of 2015