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Nofoth Food Products Company Announces the Acquisition of a Mixed-Use Commercial and Residential Land in the Hittin Neighborhood, Riyadh
| Element List | Explanation |
|---|---|
| Introduction | Nofoth Food Products Company ("the Company") announces the acquisition of a mixed-use commercial and residential land in the Hittin neighborhood of Riyadh, as part of its strategic plan to expand its operations and develop its headquarters. |
| Transaction Details | Acquisition of a mixed-use commercial and residential land with an area of 1,580.37 square meters. |
| Transaction Amount | SAR 22,125,180 (excluding real estate transaction tax and brokerage fees). |
| Transaction Conditions | There are no special conditions for this deal. |
| Parties of the Transaction | Seller: Khalaf Rabah Al-Shammari Buyer: Nofoth Food Products Company |
| Transaction Financing Method | The deal will be financed through the company's internal resources. |
| Date of Entering Into The Transaction | 2024-11-27 Corresponding to 1446-05-25 |
| Description of Activity of The Asset Subject of The Transaction | A mixed-use commercial and residential land with an area of 1,580.37 square meters. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable. |
| Transaction reasons | Through this property acquisition, the company aims to establish new commercial offices and develop it to serve as the company's headquarters. |
| Expected Impact of the Transaction on the Company and Its Operations | The acquisition of the land will increase the company's fixed assets, positively reflecting on financial ratios such as Return on Assets (ROA). Additionally, the land is a strategic investment with the potential for future value appreciation, thereby enhancing the company's asset valuation and net worth. Moreover, owning the property will allow the company to save on recurring rental costs and avoid future rental fluctuations, supporting its financial sustainability and bolstering its operational stability. |
| Related Parties | There are no related parties involved in this deal. |
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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