Saudi Automotive Services Company Obtains SAR 250 Million Shariah-Compliant Credit Facility from Arab National Bank

According to a statement issued to the Bourse, Saudi Automotive Services Company (SASCO) said that it has finalised a Shariah-compliant credit facility worth SAR 250 million with Arab National Bank.

In addition to letters of guarantee at SAR 75 million, SASCO noted that the credit facility includes a long-term loan, with a seven-year tenure worth SAR 150 million as well as a twelve-month, short-term facility worth SAR 100 million.

SASCO stated that the funds will be used to finance its expansions, boost its core operations, build new fuel stations, as well as towards meeting working capital requirements.

The statement added that no related parti...