Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with SABB
|Introduction||Saudi Automotive Services Company (SASCO) announces sign bank facility agreement (Shariah-complaint) with SABB as follows:|
|Date of Receiving the Credit Facility||2019-12-03 Corresponding to 1441-04-06|
|Credit Facility value||Medium Term financing of 190 million SR.|
|Credit Facility duration||Medium Term financing is extended to 5 years from the date of withdrawal.|
|Guarantees Provided for Credit Facility||Order note of 100% for total facilities in addition share pledge Aramco's portfolio.|
|Purpose of the Credit Facility||The reason lies behind this facility is diversify the company's investments by IPO to Aramco.|
|Related Parties||No related parties on this agreement.|
|Additional Information||The agreement was completed signed on 03 Dec. 2019. |
The amount of financing will be determined based on shares that will be allocated to the company after the subscription.
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.