Saudi Automotive Services Company (SASCO) has signed a SAR 166 million Shari’ah compliant financing facility agreement with National Commercial Bank (NCB).
In a bourse filing, SASCO stated that the facility is divided into a long-term financing of SAR 100 million, SAR 55 million short-term financing and SAR 11.25 million Hedge.
The short-term financing is extended to two months, while the long-term one is extended to seven years from the date of withdrawal.
Additionally, the company noted that the guarantees provided for this credit facility are represented in an order note of 110 per cent for total facilities.
Source Islamic Business&Finance