Retailing and Operation Division
Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank
10 January 2021
Retailing and Operation Division
ELEMENT LIST
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EXPLANATION
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Introduction
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Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank as follows:
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Date of obtaining the funding
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2021-01-07 Corresponding to 1442-05-23
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Financing entity
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Al-Rajhi Bank
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Financing amount.
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Total facilities 630,000,000 SR. as Follows:
Long term Financing (200,000,000 SR).
Long term Financing (250,000,000 SR).
Short-term Financing (100,000,000 SR).
Bank guarantees (50,000,000 SR).
Hedging limit (30,000,000 SR).
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Financing duration.
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• Long-term financing amounted (200 Million) to be paid over 7 years, including a two -years grace period.
• Long-term financing amounted (250 Million) to be paid over 6 years, including a one-year grace period.
• Short-term financing extends to 3 months from the date of withdrawal.
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Guarantees offered for the financing
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Order note amount of 100%.
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Financing objective
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The goal behind the agreement
For long term Loan:
• For the purpose of purchasing and building new stations and renovate existing stations.
• Pay off some of the existing financing.
For short-term Loan:
To finance working capital.
Bank guarantees:
Payment guarantees for fuel
Precaution.
Hedging: against fluctuations in floating profit rates and stabilizing profit rate.
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Related Parties
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There are no related parties in the agreement.
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Additional Information
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The agreement was completed signed on Jan 7, 2021.
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