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Naqi Water Company announces an update on the start of constructing a new factory in Riyadh and signing of a contract to acquire industrial property
| Element List | Explanation |
|---|---|
| Introduction | Naqi Water Company is pleased to announce signing a contract to transfer the right of rent a land that belongs to the Saudi Authority for Industrial Cities and Technology Zones in the second industrial city in Riyadh. The total amount of the contract is SAR 9,500,000. |
| Previous Announcement | Naqi Water Company announces the start of constructing a new factory in Riyadh and signing of a contract to acquire industrial property. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-05-29 Corresponding to 1444-11-09 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Naqi Water Company announces the signing of a contract to relinquish the lease rights of a land plot owned by the Saudi Industrial Cities and Technology Zones Authority located in the second industrial city in Riyadh, along with its assets that was acquired for building a new factory for bottled drinking water in Riyadh. This agreement was made to relinquish the lease rights of the land due to the availability of an alternative opportunity with better advantages in terms of space and expected operational efficiency for the planned factory in Riyadh. The acquisition procedures for the lease right of the alternative land, previously announced on December 28, 2023, have been processed. The initial cost of acquiring the lease rights for the current land amounted to SAR 6,150,000, as stated in the company's announcement dated May 29, 2023. The net value of the lease relinquishment amounts to SAR 9,500,000. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The contract holds no additional cost, and the company will announce the financial impact of this contract upon completing all legal and regulatory procedures. |
| Additional Information | The contract was signed with PepsiCo KSA. There are no related parties to this contract. The company will announce future updates related to the construction of the new factory in Riyadh and its financial impact accordingly. |
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 52.1
Net Change -0.2 (-0.38%)
Value Traded (Sar) 1,925,755.75
Volume Traded 36,969
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