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Arabian Contracting Services Co. announces that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. has signed a contract with Remat Al-Riyadh Development Company for ''establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the first contract’’
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Arabian Contracting Services Co. on 10-01-2024 Corresponding to 28-06-1445, regarding that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. was awarded a project of establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City - the first contract, which was offered by Remat Al-Riyadh Development Company. Arabian Contracting Services Co. would like to announce that on Thursday 30-05-2024 corresponding to 22-11-1445, Faden Media Company has signed a contract for establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the first contract, with Remat Al-Riyadh Development Company. |
| Date of Announcement of the Award | 2024-01-10 Corresponding to 1445-06-28 |
| Contract Subject Matter | A project contract for establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the first contract. |
| The Entity with Which the Contract was Signed | Remat Al-Riyadh Development Company |
| Date of Signing the Contract | 2024-05-30 Corresponding to 1445-11-22 |
| Contract Value | The total contract value is SAR 6,840,000 (excluding value-added tax) with an annual lease payment of SAR 3,600,000 (excluding value-added tax), there will be a 10% discount applied to the annual lease payment during the first year of the contract only. |
| Contract Details | The billboards in this project consist of advertising posters on a total of 500 public taxis or buses. |
| Contract Duration | The contract duration is 2 years including a preparation period extending up to 1.2 months. |
| Financial Impact and the Relevant Period | The financial impact will be reflected starting from the fourth quarter of 2024. |
| Related Parties | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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