SASCO renews, amends bank facility agreement with Saudi Fransi Bank

Saudi Automotive Services Company (SASCO) on Thursday renewed and amended a Shariah-complaint bank facility with Saudi Fransi Bank, it said in a bourse filing.

The agreement was amended by increasing the facility value by SAR 200 million to SAR 523.20 million.

The company has existing long-term loan of SAR 158.2 million, a short-term loan of SAR 20 million, bank guarantees worth SAR 115 million, documentary credits of SAR 5 million, and a hedging facility of SAR 25 million.

The short-term loan period will be extended by one year, while the long-term loans will be extended to six years from the date of withdrawal, the statement noted.

SASCO said the new credit facility will be allocated to finance purchase of new locations, building new fuel stations, developing the existing stations as well as financing the working capital requirements.

The company received the loan today November 28, 2019, stating no related parties are involved in the agreement.