Saudi Automotive Services Company signs SR 150 Million bank facility agreement with Gulf International Bank B.S.C.

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

Saudi Automotive Services Co. announces completion of signing Bank facility agreement with the Saudi British Bank

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

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