Saudi Automotive Services Company signs Islamic credit facility for Aramco IPO
Saudi Automotive Services Company has signed a 190 million riyals ($50.67 million) Shariah-compliant credit facility with SABB Bank to diversify its investments by subscribing to Saudi Aramco's IPO.
The medium-term financing is guaranteed by an order note of 100% of total facilities, in addition to its portfolio of Aramco shares, the company said in a stock exchange filing on Wednesday (Nov 4).
The amount of financing will be determined based on the shares to be allocated to the company after the subscription.
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