The Saudi Public Transport Co. (SAPTCO) has announced that its 80% subsidiary Public Transport Co has obtained a SAR 200 million ($53.3 million) murabaha loan from the Arab National Bank (ANB).
The six-year loan will be repaid on quarterly tranches, according to SAPTCO’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
SAPTCO’s unit will use the loan in maintaining buses and establishing facilities for the firm.
The facility was secured by waiving the project’s proceeds.
SAPTCO’s stock tumbled 4.29% to finish Thursday’s trading session at SAR 13.40.