Saudi Automotive Services Company (SASCO) signs a S.R. (255) Mln Islamic credit facilities agreement with compliant with one of the local banks

In September, 11 2012 SASCO has signed an Islamic credit facilities with Saudi Fransi Bank which includes:

1- Various credit facilities with an amount of S.R. (110) Mln against pledge of shares or deposit or deeds.

2- Medium - term financing facilities with an amount of S.R. (145) Mln from which S.R. (90) Mln was assigned for buying of lands and construction of new fuel stations against pledge of owned deeds with a grace period of (16) Months after withdrawing date and paid in (8) equal value semiannual installments, and an amount of S.R. (55) Mln was assigned for financing of improving and development of the existing stations against pledge of owned deeds with a grace period of (4) months after withdrawing date and paid in (6) equal value semiannual installments.

This agreement main purpose is to finance company expansion plan, increase company efficiency in managing its financial resources and to improve company cash flow