Saudi Automotive Services Company (SASCO) signed a Shariah-compliant bank facility agreement with Arab National Bank (ANB).
The credit facility amounted to 250 million Saudi riyals ($66.64 million), SASCO said in a statement on Tadawul.
The facility includes long-term financing of 150 million Saudi riyals and short-term financing of 100 million Saudi riyals.
The purpose of the credit facility is to finance buying new locations, building new fuel stations, developing the existing stations, as well as financing the working capital requirements.
According to the company’s website, SASCO’s activities are represented in car service centers, a number of motels, restaurants, fuel transportation, the import and sale of equipment, as well as the provision of beverages.
(Writing by Gerard Aoun; editing by Seban Scaria)
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