RIYADH: The Saudi Automotive Services Co., known as SASCO, has added to its financing for its NAFT acquisition with a SR1.98 billion ($530 million) loan from Al Rajhi Bank.

The Shariah-compliant deal comes as an extension to a SR375 million loan from Bank Albilad, and a SR504 million loan from Riyad Bank obtained earlier this year.

Saudi-listed SASCO operates car service stations, restaurants, and a gasoline transporter fleet. It also supplies spare parts for workshops. 

It will use SR875 million of the funds to finance its most recent acquisition of gas station operator NAFT Services Limited Co., a bourse filing revealed.

The remaining amount will be allocated to finance working capital and hedge against profit fluctuations.

The firm had earlier closed a SR1.1 billion deal to acquire 80 percent of NAFT, which has over 200 gas stations across the Kingdom.