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Riyadh – Saudi Automotive Services Company (SASCO) has renewed and rescheduled an existing Sharia-compliant facility agreement with Riyad Bank to suit the company's cash flow conditions and improve the cash and liquidity performance.
The total value of the facilities is SAR 536.320 million, and the part that will be rescheduled from the long-term loan amounts to SAR 154 million, according to a bourse filing on Wednesday.
The financing period before rescheduling for long-term loans is five years, in addition to a two-year grace period, in semi-annual instalments and 360 days for short-term loans.
The financing period after rescheduling for long-term loans is seven years in semi-annual instalments and 360 days for short-term loans, the statement said.
Source: Mubasher
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