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Arab Sea Information System Co. Announces the Purchasing of An office tower in Al-Sahafa district, north of Riyadh, consisting of 23 floors in the amount of 59 million Saudi riyals, not including the real estate transaction tax, to be paid in equal annual installments over a period of ten calendar years.
| Element List | Explanation |
|---|---|
| Introduction | On Tuesday, June 4, 2024, the Board of Directors decided to recommend in principle the purchase of an office tower owned by a member of the Board of Directors, Mr. Mohammed Saleh Al-Suhaibani (direct interest). |
| Transaction Details | Purchasing an asset, which is an office tower consisting of 23 floors in Al-Sahafa District, north of Riyadh, from a member of the Board of Directors, Mr. Mohammad Saleh Al-Suhaibani (direct interest) and Mr. Haitham Muhammad Al-Suhaibani (indirect interest). |
| Transaction Amount | 59 million Saudi riyals, not including the real estate transaction tax, to be paid in equal annual installments over a period of ten calendar years. |
| Transaction Conditions | Conditional on the approval of the General Assembly |
| Parties of the Transaction | Mr. Mohammed Saleh Al-Suhaibani (direct interest) Mr. Haitham Muhammad Al-Suhaibani (indirect interest) |
| Transaction Financing Method | company's own resources |
| Date of Entering Into The Transaction | 2024-06-04 Corresponding to 1445-11-27 |
| Description of Activity of The Asset Subject of The Transaction | A tower consisting of 23 floors, with a total area of ​​6,510 square meters, located in the north of Riyadh, in Al-Sahafa District. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | none |
| Transaction reasons | The reason for purchasing the real estate asset is to be the headquarters of the company and its subsidiaries. |
| Expected Impact of the Transaction on the Company and Its Operations | An increase in non-current assets in the value of the asset on other hand an increase in non-current liabilities. Any other financial impact will be announced later, if any. |
| Related Parties | Mr. Mohammed Saleh Al-Suhaibani (direct interest) Mr. Haitham Muhammad Al-Suhaibani (indirect interest) |
| Additional Information | The real estate asset subject to the deal was evaluated by 3 evaluators accredited by the Saudi Authority for Evaluators, and the evaluation was as follows: -Evaluating the White Cubes Company for Professional Consulting, with membership number 1210000474, with a total value of 62.9 million Saudi riyals. -Evaluation of Saleh Al-Omari Real Estate Valuation Company, membership number 1210001002, with a total value of 62.9 million Saudi riyals. -Etqan Real Estate Valuation Company evaluation, membership number 1210001245, with a total value of 64.1 million Saudi riyals. A deal will be concluded with the member after the General Assembly approval for business and contracts will be concluded with the member of the Board of Directors. The deal will be announced upon signing. |
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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