Saudi SASCO inks $66.66mln loan deal with ANB

The financing will help SASCO expand its scope of business

Image used for illustrative purpose.

Image used for illustrative purpose.

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Riyadh – Saudi Automotive Services Company (SASCO) signed a sharia-compliant credit facility agreement with the Arab National Bank (ANB) at a total value of SAR 250 million.

The agreement includes a seven-year SAR 150 million long-term loan, and a short-term tawarruq facility of SAR 100 million for 12 months, including letters of guarantee worth SAR 75 million, according to a stock exchange statement on Monday.

The financing, guaranteed by a promissory note, will help SASCO expand its scope of business, support its main activities, purchase new sites to build fuel stations while financing the working capital.

Source: Mubasher

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