Retailing and Operation Division

Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank

14 April 2022
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Al-Rajhi Bank as follows:

Date of obtaining the funding

2022-04-14 Corresponding to 1443-09-13

Financing entity

Al-Rajhi Bank

Financing amount.

Total facilities 1,982,200,000 SR.

 

Long term Financing (875,000,000 SR).

 

Short term Financing (50,000,000 SR).

 

Bank guarantees (1,000,000,000 SR).

 

Hedging limit (57,200,000 SR).

Financing duration.

Long-term financing:-

 

• Amount (200 Million SR) to be paid over 7 years, including a two -years grace period.

 

• Amount (150 Million SR) to be paid over 6 years.

 

• Amount (525 Million SR) to be paid over 10 years, including a three -years grace period.

 

Short-term financing:-

 

Amount (50 Million SR) extends to 3 months from the date of withdrawal.

Guarantees offered for the financing

Order note of 100%.

Financing objective

The reason behind the agreement

 

For long term Loan:- For the purpose of purchasing and building new stations and renovate existing stations, and part of financing the acquisition of 80% for the capital of Naft CO.

 

Short term Loan:- To finance working capital.

 

Hedging:- Against fluctuations in floating profit rates and stabilizing profit rate.

Related Parties

There are no related parties in the agreement

Additional Information

The agreement was completed signed on April 14, 2022