Saudi Automotive Services Co. (SASCO) has signed a Sharia-compliant credit facility agreement with National Commercial Bank (NCB) at a total value of SAR 166.3 million, the company said in a bourse statement. 

 

The credit facility will include a long-term loan of SAR 100 million with a two-month tenor, a short-term loan of SAR 55 million with a seven-year tenor, and a hedging facility at SAR 11.25 million. 

 

The credit facility has a grace period of one year.

 

The facility is guaranteed by a promissory note at 110 percent of total facilities.

 

The facility will go towards financing the company's expansions, boosting core operations, building new fuel stations in addition to financing the working capital.

 

No related parties are involved in the deal, the statement added.

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