SASCO, Banque Saudi Fransi ink SAR 551 mln Islamic finance deal

28/04/2015 Argaam
Saudi Automotive Services Co. (SASCO) has inked a credit deal with Banque Saudi Fransi (BSFR) worth SAR 550.9 million, SASCO said in a statement to Tadawul.
 
The Sharia-compliant agreement will last until 2021. 
 

Under ​terms of the contract​, outstanding facilities of SAR 245.8 million (SAR 110 million various credit facilities and SAR 135.8 million medium-term finance) will be renewed.

 
Collateral for existing facilities will be in the form of a promissory note, and/or a pledge of shares, or deposit and mortgage deeds. In addition, a new facility of SAR 305.1 million (SAR 55.1 million general facility, SAR 250 million in long-term loans) will also be obtained and guaranteed by a promissory note. 
 

The funds were said to be used to purchase new land, establish new fuel stations,​ and improve existing ones.

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