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Saudi Ground Services Company announces the signing of a credit facility agreement with AlBilad Bank

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Introduction Saudi Ground Services Company announces the signing of a bank facility agreement with AlBilad Bank that provides the company with a flexible source of funding by allowing to drawdown required funding when needed up to SR 750 million as follow:
Date of Receiving the Credit Facility 2020-09-15 Corresponding to 1442-01-27
Financier AlBilad Bank
Credit Facility value SAR 750 million
Credit Facility duration 36 months
Guarantees Provided for Credit Facility Promissory note
Purpose of the Credit Facility Support liquidity position to fund working capital requirements when needed.
Related Parties None
Additional Information The purpose of the agreement is to provide a flexible source of funding to fund the working capital requirement when needed, which in turn will help achieving the balanced liquidity policy that the company has developed as one of the precautionary measures to support current liquidity position. The agreement would provide the required agility to reduce the impact of the pandemic on funding the working capital requirements while continuing with the expansion and growth strategic initiatives to grow the company and elevate the quality of services. The agreement reflects the quality of the company's credit rating and the banking confidence in the company's capabilities and financial position, along to the strength of the Ground Services Industry in the Kingdom.

To achieve the optimum utilization of the agreement and to avoid unnecessary cost, the company will review the forecasted six-month working capital requirements on a monthly basis, and will only drawdown from this agreement to cover the working capital requirements to support its operations in accordance with the review.

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.

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