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Arabian Contracting Services Co. Announces Signing a contract through its arm Arabiya United for Advertising Service (an associate company), to rent sites for the installation of billboards with a coverage of 89% of the bridge’s sites on the North Coast (City of El Alamein) in Egypt.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Arabian Contracting Services Co. on 29-12-2022 Corresponding 05-06-1444, regarding the last updates on contract award through its arm Arabiya United for Advertising Service (an associate company), to rent sites for the installation of billboards with a coverage of 89% of the bridge’s sites on the North Coast (City of El Alamein) in Egypt. Arabian Contracting Services Co. would like to announce that on Thursday 21-09-2023 corresponding to 06-03-1445, signing licensing contract for the exploitation of 24 sites on the North Coast in Egypt, including 12 sites to install 64 billboards on roads, and 6 sites to install digital billboards on bridges, in addition to 6 sites to install unipole billboards. The value of the contract is 50,476,400 Egyptian Pounds which is equivalent to SAR 6,155,660 and the duration of the contract is one year and it is automatically renewed annually as stipulated in the contract. |
| Date of Announcement of the Award | 2022-08-03 Corresponding to 1444-01-05 |
| Contract Subject Matter | Installing of 64 billboards on roads in 12 sites, and 6 sites to install digital billboards on bridges, in addition to 6 sites to install unipole billboards on the North Coast in Egypt for the amount of 50,476,400 Egyptian Pounds which is equivalent to SAR 6,155,660. |
| Date of Signing the Contract | 2023-09-21 Corresponding to 1445-03-06 |
| Contract Value | 50,476,400 Egyptian Pounds which is equivalent to SAR 6,155,660. |
| Contract Details | Arabiya United for Advertising Service (an associate company) has installed 64 billboards on roads in 12 sites, and 6 sites to install digital billboards on the bridges on the North Coast, in addition to 6 sites to install unipole billboards with a coverage of 89% of the bridge’s sites on the North Coast (City of El Alamein) in Egypt. The contract value is 50,476,400 Egyptian Pounds which is equivalent to SAR 6,155,660. The duration of the contract is one year, and it is automatically renewed annually as stipulated in the contract. |
| Contract Duration | A Year automatically renewed. |
| Financial Impact and the Relevant Period | The financial impact is expected to be reflected in the annual (consolidated) financial statements for the fiscal year 2023. |
| Related Parties | N/A |
| Additional Information | There have been modifications to the licensed sites available for exploitation, with the initial count of 17 sites being increased to 24 sites. Additionally, small billboards were replaced with larger advertising format. As a result, the total number of billboards decreased from 174 to 64, with the addition of 6 unipole billboards, the change in the foreign exchange rate had an impact on the decrease in the value of the contract in Saudi currency from SAR 9,264,420 to SAR 6,155,660. |
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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