Saudi Automotive Services Company Signs SAR 630 Million Shariah-Compliant Bank Facilities with Al-Rajhi Bank

Saudi Automotive Services Company (SASCO) has announced the signing of Shariah-compliant bank facilities amounting to SAR 630 million with Al-Rajhi Bank on the 7th of January 2021, according to a Saudi Stock Exchange (Tadawul) disclosure.

The facilities comprise of two long-term financing loans worth SAR 200 million and SAR 250 million, a SAR 100 million short-term financing loan, SAR 50 million bank guarantees, as well as a SAR 30 million hedging limit.

According to the Tadawul disclosure, the SAR 200 million long-term financing will be paid over seven years inclusive of a two-year grace period, while the SAR 250 million long-term financing will be paid over six years including a one-year grace period. The long-term financing will be used by SASCO to purchase and bu...