Riyadh-Mubasher: Saudi Automotive Services Co. (SASCO) signed on Sunday a Murabaha financing agreement with Gulf International Bank (GIB), the company said in a bourse statement.
The SAR 150 million facility is secured against a promissory note.
The facility agreement includes a Murabaha med-term loan amounting to SAR 50 million over five years, with a grace period of two years. The loan is scheduled to be settled in quarterly installments. The accord also includes a letter of guarantee amounting to SAR 100 million.
The move is aimed at financing the purchase of new locations, in addition to building new fuel stations and developing the existing ones as well as financing the working capital requirements.
