SASCO renews bank facility agreement with SABB

12/12/2017 18:39 AST

Saudi Automotive Services Company (SASCO) announces completion of renewal and amended of the bank facility agreements (Shariah-compliant) with Saudi British Bank as follows:

1- The renewal and modulate of the facilities was signed on 12 December 2017.

2- The agreement was amended by increasing short-term financing of 50 SR million.

3- Facilities amounting to SR 177,967,726 , agreement include facilities of long term financing (SR 47,967,726), SR 80 million bank guarantees, and SR 50 million new short term financing. 4- The facility start from 07/12/2017 to 02 November 2021.

5- Guarantees for renewal and amendment of the agreement order note of SR 177,967,726.

6- The purpose of the financing is to finance the company's expansion plan and working capital requirements.

7- No related party on this agreement.


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