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Saudi Automotive Services Company (SASCO) announces that its Board of Directors has resolved (by circulation) to adopt the Fair Value Model or the Re-evaluation to Measure Real Estate and the Investment properties
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Automotive Services Company (SASCO) announces that its Board of Directors has approved (by circulation) on Feb 5, 2024, to use the fair value model or the re-evaluation model to measure the properties and the investment properties. And it is expected that the net assets to be positively affected after adopting this model by an increase of approximately SAR 70 million. The expected financial impact as a result of using this model will start from the consolidated financial statements for the fiscal year ending on December 31, 2023. SASCO would like to point out that the use of this new accounting policy would not generate any in cash flow. SASCO notes that the signatures of the members of the Board of Directors on the resolution (by circulation) were completed on February 6, 2024 |
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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