Saudi Automotive Services Co. (SASCO) has renewed and amended a bank facility agreement with the Saudi British Bank (SABB), the company said in a bourse statement on Tuesday.

 

Under the updated agreement, short-term credit financing has been increased by SAR 50 million.

 

The agreement’s final value is SAR 177.97 million, which includes SAR 47.97 million in long-term financing, bank guarantees of SAR 80 million, and the new short-term facilities of SAR 50 million.

 

The financing period starts on Dec. 7, 2017 and runs until Nov. 2, 2020, the statement added.

 

The credit facility, which is intended to finance working capital requirements and future expansions, is covered by a promissory note of SAR 177.97 million.

 

No related parties are involved in the transaction, the company said.

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