Saudi Public Transportation Company (Saptco), which provides local inter-city transportation services, on Tuesday obtained a Murabha credit facility from Al Rajhi Bank for a total amount of SAR 125 million, the company said in a Tadawul statement.
The credit is covered by a promissory note and will be repaid in 36 monthly payments starting one month after the first withdrawal, the company added.
SAPTCO said this amount will go towards financing the last installment of the purchase of 450 new buses.
In December 2016, has signed a SAR 112.7 million deal to buy 300 buses, according to data compiled by Argaam.
The company also contracted in February 2017 to buy 150 new buses at a total value of SAR 51 million.
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