Retailing and Operation Division
Riyadh, Kingdom of Saudi Arabia, 2015-12-15 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces completion of signing of the bank facility agreement (Shariah-compliant) with Gulf International Bank B.S.C on 13 December 2015 at a value of SR 150 Million against signed promissory note.
A part of the above mentioned facility agreement is Murabah Islamic Med term loan amounting to SR 50 Million for five years (Including grace period of two years) scheduled to be settled in quarterly installments, in addition to a letter of guarantee amounting to SR 100 Million.
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.
Knowing that there is no liability on the company if not used this facility.
Saudi Automotive Services Co. (SASCO)
Riyadh- Al-Ahsa Street
B.O. Box: 51880 Riyadh 11553
Kingdom of Saudi Arabia
Tel +966 11 206 8855 Fax +966 11 206 8833