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Jahez International Company for Information Systems Technology (Jahez) announces the Purchase of a real estate in the value of (150,000,000) one hundred and fifty million Saudi riyals.
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JAHEZ
-1.45
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1445/12/06 12/06/2024 15:42:10
| Element List | Explanation |
|---|---|
| Transaction Details | Jahez International Company for Information Systems Technology (Jahez) announces the Purchase of a real estate in the value of (150,000,000) one hundred and fifty million Saudi riyals in Almohammadiyah district in Riyadh. |
| Transaction Amount | (150,000,000) one hundred and fifty million Saudi riyals. |
| Transaction Conditions | Both parties are bound by the conditions, obligations, guarantees and pledges mentioned in the contract. |
| Parties of the Transaction | Buyer: Jahez International Company for Information System Technology. Seller: Wathbah Investment Company. |
| Transaction Financing Method | The transaction will be financed from banking facilities for the value of (105,000,000) one hundred and five million Saudi riyals. The remaining payment of (45,000,000) forty-five million Saudi riyals will be paid through the company own resources. |
| Date of Entering Into The Transaction | 2024-06-12 Corresponding to 1445-12-06 |
| Description of Activity of The Asset Subject of The Transaction | Commercial land on which a commercial building stands under construction. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | NA |
| Transaction reasons | Jahez Group has witnessed a huge expansion in operations over the past years, accompanied by a significant growth in the number of employees. Therefore, the Board of Directors decided to acquire the property as a new headquarters for the company in line with the size of its activities and the increasing number of its employees. The decision to purchase, instead of renting, was mainly driven by the unprecedented rise in prices in office property leasing, in line with the growth in Saudi Arabia's economy. |
| Expected Impact of the Transaction on the Company and Its Operations | Increase in non-current assets and expanding in the Company operations. |
| Related Parties | None |
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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