Retailing and Operation Division

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

29 June 2020
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

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

Date of Receiving the Credit Facility

2020-06-28 Corresponding to 1441-11-07

Financier

Arab National Bank (ANB).

Credit Facility value

Total Facilities 250,000,000 SR The discretion as follow:-

Long term Financing 150,000,000 SR

Short term Financing 100,000,000 SR including A Revolving LG Facility amounting to 75,000,000 SR.

Credit Facility duration

Long Term financing is extended to 7 years from the date of withdrawal.

Tawarruq Facility of 100,000,000 SR with tenor after 12 months (door to door) to finance general working capital requirements.

Guarantees Provided for Credit Facility

Order note of 100%.

Purpose of the Credit Facility

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.

Related Parties

No related parties on this agreement.

Additional Information

The agreement was completed signed on 28 June 2020.