Saudi SAPTCO signs SAR 64.2 million sharia-compliant loan agreement with SABB bank

26/08/2014 ِArgaam

Saudi Public Transport Co. (SAPTCO) singed a SAR 64.2 million sharia-compliant loan agreement, or Morabaha, with Saudi British Bank, an associate of HSBC, against promissory notes to finance buying 350 Mitsubishi buses,  the company said in a statement to the Saudi bourse,Tadawul.

 

The  3-year loan will be paid off on monthly installments, it added.

 

SAPTCO , whose major shareholder is the finance ministry’s Public Investment Fund (PIF), operates buses across the kingdom. In June, it signed a contract to buy 350 Mitsubishi buses wroth SAR 64.2, according to Argaam.

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