The Saudi Automotive and Equipment Services Company (SASCO) has increased its total credit facilities with SABB Bank to 352 million riyals under the agreement, in accordance with Islamic Sharia law, The amendments to the agreement included the addition of 150 million riyals in long-term financing and 47 million riyals in bank guarantees, in addition to 105 million riyals in existing bank guarantees and 50 million riyals in short-term financing.

The term of the short-term financing extends to 4 months, and that of the long-term financing to 7 years (including a 2-year grace period) from the date of drawdown. The collateral provided for the renewal of the agreement consists of a promissory note worth 352 million riyals. The objective of these agreements is to expand the company’s projects, support its core activities, acquire new sites for the construction of gas stations, and finance working capital. There are no related parties to the agreement.