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Saudi Ceramic Co. Announces Sale Property in the value of 31.6 million Saudi Riyals
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Ceramic Company announces to sell a property in the Eastern Province at a value of 31,600,000 Riyals |
| Transaction Details | The Saudi Ceramic Company announces that the Company signed on Sunday 27 Shaaban 1444 corresponding to March 19, 2023 an agreement to sell a property built on a land of 5,728 square meters in Al-Rakah neighborhood in Al-Khobar Governorate in the Eastern Province, for an amount of 31.6 million Saudi Riyals, excluding real estate tax. |
| Transaction Value | 31.6 million Saudi Riyals |
| Transaction Terms | The main terms of the deal include the following; 1- The buyer shall pay the full value of the transaction through a certified bank cheque upon the transfer of title. 2- Saudi Ceramic Company shall not bear any expenses or commissions as a result of the deal. |
| Parties of the Transaction | Saudi Ceramic Company and Mohammed bin Ahmed Al-Arfaj |
| Transaction Execution Date | 2023-03-19 Corresponding to 1444-08-27 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | A building rented to third parties for showrooms, offices and warehouse. |
| Asset Book Value | 5,261,018 Saudi Riyals |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | Property is not used in the main activity of the Company. |
| Expected Impact of the Transaction on the Company and Its Operations | Other income will increase with gain on disposal of asset by 26,338,982 Saudi Riyals. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used to finance the expansion and operational activities of the Company |
| Related Parties | There are no transactions with related parties |
| Additional Information | Saudi Ceramic Company shall record the sale of property upon receiving the full amount from the buyer. |
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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