Retailing and Operation Division

Saudi Automotive Services Company (SASCO) announces renewal and rescheduling of an existing Sharia-compliant facility agreement with Riyadh Bank

30 December 2020
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

Saudi Automotive Services Company (SASCO) is pleased to announce to its shareholders renewal and rescheduling of an existing Sharia-compliant facility agreement with Riyadh Bank

Date of Signing the Credit Facility Rescheduling

2020-12-30 Corresponding to 1442-05-15

Financier

Riyadh bank

Reasons for rescheduling

To suit the company's cash flow conditions and improve the company's cash and liquidity performance.

Credit facility Amount and Rescheduled Amount

Total value of the facilities is (536,320,000 riyals).

Long term loan by (354,000,000 riyals).

Short term loan by (20,000,000 riyals).

Bank guarantees by (130,000,000 riyals).

Documentary credits by (20,000,000 riyals).

Hedging limit by (12,320,000 riyals)

The part that will be rescheduled from long term loan will be (154,000,000 riyals).

Financing Duration, before and after Rescheduling

The financing period before rescheduling for long term loans is five years in addition 2 years grace period, in semi-annual installments and 360 Days for Short term loans.

The financing period after rescheduling for long term loans is seven years in semi-annual installments and 360 days for short term loans.

Guarantees Provided for the Rescheduled Credit Facility

order note.

Related Parties

There is no related parties on this agreement.

Additional Information

The agreement was completed signed on 30 Dec. 2020.