SAPTCO’s subsidiary secures SAR 500 mln murabaha loan from ANB

Saudi Public Transportation Company (SAPTCO) said its 80 percent owned subsidiary, Public Transportation Co., has secured a Murabaha loan facility at SAR 500 million from the Arab National Bank (ANB), the company said in a bourse filing.

The loan tenure extends for six months, and will be guaranteed by waiving the proceeds of King Abdulaziz Project for Riyadh Public Transport.

The loan facility will finance the purchase of buses for the project phase I and II and will be repaid in six months.

In 2014, SAPTCO and RATP Dev said they signed a SAR 7.86 billion contract with the High Commission for the Development of Arriyadh for the King Abdul-Aziz public transportation project.

The contract stated that SAPTCO and RATP Dec should provide about 1,000 high-specification buses for a period of 10 years after a preparation period of 24 months.