SASCO inks SAR 280 mln credit facility deal with Riyad Bank

Saudi Automotive Services Co. (SASCO) signed today a credit facility agreement with Riyad Bank, the firm said in statement to Tadawul.

The sharia-compliant SAR 280 million facility includes a SAR 150 million long term loan, a SAR 100 million short term loan, as well as government guarantees worth SAR 30 million, it said.

The short-term financing extends for six months, while the tenor of the long-term financing runs for seven years, including a grace period of two years, the statement said.

The credit facility, which is intended to finance working capital requirements and future expansions, is covered by a promissory note of SAR 330 million.

There are no related parties, the statement added.