Riyadh-Mubasher: Saudi Automotive Services Co. (SASCO) signed Shariah-compliant credit facility agreements worth SAR 200 million with two local banks, according to a bourse filing Tuesday.
A Murabaha deal was signed with Saudi Hollandi Bank (SHB) at SAR 150 million. It includes letters of guarantee worth SAR 50 million and a medium-term loan worth SAR 100 million, to be repaid in equal semi-annual installments. The loan term is 54 months, with a grace period of 18 months, the company said.
The second agreement was concluded with Riyad Bank, including letters of guarantee worth SAR 50 million.
The credit facilities will be used to expand existing projects, build new gas stations and boost working capital, the statement added.
