Saudi Public Transportation Co. (SAPTCO) said its 80%-owned subsidiary, Public Transportation Co., inked a Sharia-compliant credit facility agreement of SAR 1.1 billion with Arab National Bank (ANB), the company said in a bourse filing.

 

The loan tenor extends for seven years, with a grace period of 18 months.

 

The loan is guaranteed by a promissory note at 100% of the total value of this facility.

 

The loan facility will finance King Abdulaziz Project for Riyadh Public Transport.

 

The deal has no related parties, the statement added.

 

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

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