doaausef3li
06-22-2024, 02:12 AM
SASCO announced the signing of an agreement with Al Rajhi Financial Corporation for credit facilities in a manner compatible with Islamic Sharia. The value of the agreement amounts to 630 million Saudi riyals. The company explained that these facilities are divided into long-term financing worth 450 million riyals, and short-term financing worth one hundred million riyals. Saudi, in addition to bank guarantees worth fifty million Saudi riyals, and a hedging limit of 30 million Saudi riyals.
شركة ساسكو (https://aswaqdaily.com/%D8%B4%D8%B1%D9%83%D8%A9-%D8%B3%D8%A7%D8%B3%D9%83%D9%88-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/)
The company indicated that the duration of short-term financing is up to three months from the date of withdrawing the financing value, while long-term financing extends between six to seven years.
As for the primary goal of this financing, it is to build and purchase new stations in addition to renovating the current stations, while paying the obligations of other banks, and financing working capital, with SASCO confirming that there are no related parties in the contract and implementation of this agreement.
This agreement came after SASCO announced the rescheduling and renewal of the credit facilities agreement with Riyad Bank, which is compatible with Islamic Sharia, at a value of 536 million Saudi riyals.
شركة ساسكو (https://aswaqdaily.com/%D8%B4%D8%B1%D9%83%D8%A9-%D8%B3%D8%A7%D8%B3%D9%83%D9%88-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/)
The company indicated that the duration of short-term financing is up to three months from the date of withdrawing the financing value, while long-term financing extends between six to seven years.
As for the primary goal of this financing, it is to build and purchase new stations in addition to renovating the current stations, while paying the obligations of other banks, and financing working capital, with SASCO confirming that there are no related parties in the contract and implementation of this agreement.
This agreement came after SASCO announced the rescheduling and renewal of the credit facilities agreement with Riyad Bank, which is compatible with Islamic Sharia, at a value of 536 million Saudi riyals.