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)

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 Company (SASCO) reaches early settlement on the facility agreement with Arab National Bank (ANB)

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

SOURCE: SASCO

Saudi Automotive Services Company (SASCO) announces the results of 34th Ordinary General Assembly Meeting

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-10-29 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces the results of the 34th Ordinary General Assembly Meeting (2nd Time), which held at 4:00 pm on Sunday, 25th of October, 2015 at SASCO Head office (Al-Ehsa Street Malaz – Riyadh) after completion of the quorum, where all meeting agenda were agreed as mentioned below: 

  • Elected of two additional members to engage the new two seats in the Board of Directors to complete the current session, which began on June 30, 2015 and ends on June 29, 2018, this after the Article (16) of the Article of Association was amended to become the number of the Board Members (9) members instead of (7) members (normal method of voting) as Follows:Mr. Suleiman Ali Alkhudair. 
    Mr. Fawaz Suliman Alrajhi. 

     

    It is worth mentioning that Mr. Suleiman Ali al-Khudair holds a bachelor’s degree in electronic science from the University of Arizona, USA, and has held several senior management positions in the private sector, and Mr. Fawaz Sulaiman Alrajhi holds a bachelor’s degree administrative and accounting information systems from King Fahd University of Petroleum and Minerals and a master’s degree in business administration from Stanford Business School (USA) and has worked in several leadership positions and participated in many of the boards of directors of companies in the private sector. 

     

  • Approved the amendment of Article II, paragraph (3/3) the rules of selection members of The Nominations & Compensations Committee, the duration of their membership, type of committee work and in particular formatting the Committee and the conditions of committee member, which states that “not be allowed members from the executive directors of the company or who are managing technical or administrative position in the company” to become after the adjustment “may be a member of the committee from executive directors in the company or who are managing technical or administrative position in the company” in order to activate the role of sub- committees of the Council and grant the possibility of participation for members from seniors executives in the company.

SOURCE: SASCO

Saudi Automotive Services Company invites shareholders to attend 34th Ordinary General Assembly Meeting on Oct 25, 2015

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-10-14 — /EPR Retail News/ — The Board of Directors of Saudi Automotive Services Company (SASCO) invites the shareholders who own (20) shares or more to attend 34th Ordinary General Assembly Meeting (Second Meeting) which will be held at 04:00 pm of Sunday October 25, 2015 at SASCO Head office (Al-Ehsa Street Malaz – Riyadh) to consider the following agenda:

1. Vote on election of two additional members (Normal Method) to engage the new two seats in the Board of Directors to complete the current session, which began on June 30, 2015 and ends on June 29, 2018, this after the Article (16) of the Article of Association was amended to become the number of the Board Members (9) members instead of (7) members.

2. Vote on amendment of Article II, paragraph (3/3) the rules of selection members of The Nominations & Compensations Committee, the duration of their membership, type of committee work and in particular formatting the Committee and the conditions of committee member, which states that “not be allowed members from the executive directors of the company or who are managing technical or administrative position in the company” to become after the adjustment “may be a member of the committee from executive directors in the company or who are managing technical or administrative position in the company” in order to activate the role of sub- committees of the Council and grant the possibility of participation for members from seniors executives in the company.

Each shareholder wishes to attend the meeting, must attend at least one hour early before meeting time to finish the registration procedures along with his ID, and for those who cannot attend may appoint another shareholder of non-board members or employees of the company, All attorneys (should be certified either by chamber of commerce of Notary or any Bank) and should be handed over to the company or sent by mail to company mailing address (Riyadh 11553 P.O. box. 51880) at least three days early before assembly date, attached a copy of share certificate or proof of ownership. Note that the quorum for the AGM (second meeting) will be valid irrespective of the number of represented shares.

For more information Tel. 011-2068855 Ex. 1112, Fax 011-2068833.

SOURCE: SASCO

Saudi Automotive Services Company (SASCO) signs Bank facility agreement (Shariah-compliant) with National Commercial Bank for SR 151,825,000

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.

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