Retailing and Operation Division
Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with Arab National Bank
29 June 2020
Retailing and Operation Division
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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 ANB as follows:
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Date of Receiving the Credit Facility
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2020-06-28 Corresponding to 1441-11-07
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Financier
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Arab National Bank (ANB).
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Credit Facility value
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Total Facilities 250,000,000 SR The discretion as follow:-
Long term Financing 150,000,000 SR
Short term Financing 100,000,000 SR including A Revolving LG Facility amounting to 75,000,000 SR.
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Credit Facility duration
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Long Term financing is extended to 7 years from the date of withdrawal.
Tawarruq Facility of 100,000,000 SR with tenor after 12 months (door to door) to finance general working capital requirements.
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Guarantees Provided for Credit Facility
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Order note of 100%.
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Purpose of the Credit Facility
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The reason lies behind this facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.
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Related Parties
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No related parties on this agreement.
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Additional Information
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The agreement was completed signed on 28 June 2020.
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