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Addendum Announcement from Al Gassim Investment Holding Co in regards to purchase of investment land in Buraidah. And the announcement published on 12/02/2023 in regards to purchase of investment land in Buraidah.
| Element List | Explanation |
|---|---|
| Introduction | ALGASSIM INVESTMENT HOLDING COMPANY announces the completion of the procedures for the transfer of all common deeds between ALGASSIM INVESTMENT HOLDING COMPANY and Wabel Alarabia for Investment Company. The deeds of each party have become fully owned by it. The land area owned by the company in Al Ofuq neighborhood is (131822.3) m2. In view of the delay in the achievement of the previous project which the company intends to accomplish on those lands in partnership with Wabel Alarrabia for Investment Company as we mentioned before and the settlements reached by the company with Wabel Alarabia for Investment Company about division of the deeds and the distribution of property, the Board of Directors of the ALGASSIM INVESTMENT HOLDING COMPANY decided not to proceed with the joint investment with Wabel Alarabia in the aforementioned project of establishing the mall and the residential tower on these lands ,while re-evaluating the possible investment opportunities on the lands to choose the most feasible opportunities for the company according to the variables in the investment area, taking into account that these lands represent one of the most important investments of the company in terms of value, space and distinctive location on major roads in Buraidah. Any developments, if any, will be announced in due course. |
| Previous Announcement | Further to the company's advertisement on Tadawul website announces the execution of an exit Agreement execution with WABEL ALARABIA FOR INV CO LTD on 12/02/2023. |
| Date of Previous Announcement on Tadawul's Website | 2023-02-12 Corresponding to 1444-07-21 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| Reasons for Exceeding the Announced End Date | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Impact of the Delay on the Company's Financial Results | N/A |
| Additional Information | N/A |
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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