Riyadh – Mubasher: The Saudi Automotive Services Company (SASCO) on Thursday announced rescheduling its Sharia-compliant facility agreements with Banque Saudi Fransi (BSF), according to a bourse filing.
The rescheduled amount stood at SAR 44.95 million out of the total value of the facility of SAR 224.75 million.
The reason of rescheduling is to restructure the existing facilities in line with the company's expansion plan, the statement showed.
The agreement includes various credit facilities worth SAR 120.1 million and medium- and long-term financing facilities worth SAR 346.2 million.
The financing schedule was extended to reach eight years, including a three-year grace period, while the first repayment instalment is due on 30 June 2018.
SASCO stated that the facility payment after rescheduling is set for 31 December 2022, noting that the purpose of the financing is to purchase land, the construction of new plants, and developing existing fuel stations.
