Retailing and Operation Division

Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank

10 January 2021
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank as follows:

Date of obtaining the funding

2021-01-07 Corresponding to 1442-05-23

Financing entity

Al-Rajhi Bank

Financing amount.

Total facilities 630,000,000 SR. as Follows:

Long term Financing (200,000,000 SR).

Long term Financing (250,000,000 SR).

Short-term Financing (100,000,000 SR).

Bank guarantees (50,000,000 SR).

Hedging limit (30,000,000 SR).

Financing duration.

• Long-term financing amounted (200 Million) to be paid over 7 years, including a two -years grace period.

• Long-term financing amounted (250 Million) to be paid over 6 years, including a one-year grace period.

• Short-term financing extends to 3 months from the date of withdrawal.

Guarantees offered for the financing

Order note amount of 100%.

Financing objective

The goal behind the agreement

For long term Loan:

• For the purpose of purchasing and building new stations and renovate existing stations.

• Pay off some of the existing financing.

For short-term Loan:

To finance working capital.

Bank guarantees:

Payment guarantees for fuel

Precaution.

Hedging: against fluctuations in floating profit rates and stabilizing profit rate.

Related Parties

There are no related parties in the agreement.

Additional Information

The agreement was completed signed on Jan 7, 2021.