SASCO renews, amends credit facility agreement with SABB

Saudi Automotive Services Co. (SASCO) has renewed and amended a Sharia-compliant credit facility agreement with the Saudi British Bank (SABB), the company said in a bourse filing.

Under the updated agreement, a long-term credit financing at SAR 150 million and SAR 47 million in bank guarantees will be added.

Accordingly, the agreement's total value would reach SAR 352 million. This includes the

existing SAR 50 million in short-term financing, bank guarantees of SAR 105 million, and

the new long-term facility of SAR 150 million as well as the new bank guarantees of SAR

47 million.

The term of the short-term financing extends for four months, while the tenor of the

long-term financing runs for seven years, including a grace period of two years, the

statement added.

The credit facility, which is intended to finance working capital requirements and future expansions, is covered by a promissory note of SAR 352 million.

No related parties are involved in the transaction, the company said.