Saudi Automotive Services Company (SASCO) signs bank facility agreements (Shariah-compliant) with local banks

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-12-23 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces completion of signing of the Bank facility agreements (Shariah-compliant) with local Banks on 21 December 2015 against signed promissory note as follows:

  • Saudi Hollandi Bank- SHB (A Saudi Joint Stock Co.): the facility agreement amounting to 150 million includes a medium term loan amounting to SR 100 million for 54 months (Grace Period 18 months) scheduled to be settled in semiannual installments in addition to letters of guarantee amounting to SR 50 million.
  • Riyad Bank (A Saudi Joint Stock Co.): the facility agreement includes letters of guarantee amounting to SR 50 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

SOURCE: Saudi Automotive Services Co. (SASCO)

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