Saudi Ground Services Co. Announces Obtaining a Murabaha financing
|Introduction||The Saudi Ground Services Company announces the signing of a Murabaha financing agreement with the Saudi British Bank (SABB), as follows:|
|Date of Receiving the Credit Facility||2020-07-07 Corresponding to 1441-11-16|
|Financier||Saudi British Bank (SABB)|
|Credit Facility value||SAR 500 million|
|Credit Facility duration||30 months|
|Guarantees Provided for Credit Facility||Promissory note|
|Purpose of the Credit Facility||Supporting cash liquidity to cover the working capital required for operational operations|
|Related Parties||1. Eng. Khalid Qasim Al-Buainain - Chairman of the Board |
2. Mr. Mansour Abdulaziz Al-bosuli Board Member
Where the above members are members of the board of directors of HSBC Saudi Arabia in which the Saudi British Bank owns (49%).
|Additional Information||The purpose of the loan is to achieve a balanced liquidity policy that the company has developed as one of the precautionary measures to support current liquidity position. The loan would provide the required agility to reduce the impact of the pandemic on funding the working capital requirements while continuing with the strategic initiatives to grow the company and elevate the services.|
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.