Riyadh – Mubasher: Public Transport Company, an 80% subsidiary of the Saudi Public Transport Company (SAPTCO) has sealed a Sharia-compliant credit facility agreement with the Arab National Bank (ANB) for SAR 1.1 billion.
The loan, guaranteed by a 100% promissory note, will strengthen the cash flows necessary to finance the unit’s requirements for King Abdulaziz Public Transport Project “Riyadh Buses”, according to a bourse statement on Tuesday.
Moreover, the loan term is extended over a period of seven years.
