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.
Saudi Aramco's IPO started on November 17 and investors have until 5pm Saudi time on December 4 to place orders.
State-owned Aramco plans to sell 1.5% of its shares in a deal that could raise around $25 billion.
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