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SAL Saudi Logistics Announces the Signing of a Binding Mutual Agreement with Riyadh Airports Company (RAC)
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SAL
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1445/11/14 22/05/2024 08:00:56
| Element List | Explanation |
|---|---|
| Introduction | SAL Saudi Logistics announces the signing of a binding mutual agreement with Riyadh Airports Company for the lease and development of air cargo facilities at the Cargo Village in King Khaled International Airport in Riyadh. |
| Transaction Details | Leasing and developing an area of 90,000 square meters of air cargo facilities for a period of 20 years. |
| Transaction Value | Rental expenses of SAR 458 million over the period of the agreement or a revenue share (ranging from 4% up to 6.5% over the period of the agreement), whichever is higher. |
| Transaction Terms | 20 Years lease agreement during which SAL commits to the development, restoration, and maintenance of the leased area. |
| Parties of the Transaction | Tenant: SAL Saudi Logistics Services Company Lessor: Riyadh Airports Company (RAC) |
| Transaction Execution Date | 2024-05-21 Corresponding to 1445-11-13 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Air cargo facilities at the Cargo Village in King Khaled International Airport in Riyadh |
| Transaction reasons | SAL plans to develop the air cargo facilities at the Cargo Village in King Khaled International Airport in Riyadh. |
| Expected Impact of the Transaction on the Company and Its Operations | An estimated investment of SAR 350 million and expected lease cost reductions up to SAR 500 million over the period of the agreement. |
| Related Parties | NA |
| Additional Information | NA |
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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Last Price 178.2
Net Change -1.0 (-0.56%)
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