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Atlas Elevators Company for General Trading and Contracting announces that the Atlas Elevators National Elevators Company, which is 99% owned by the company, has signed a contract to transfer the benefit of an industrial land and purchase the buildings erected on it with the Saudi Kuwaiti Furniture Manufacturing Company.
| Element List | Explanation |
|---|---|
| Introduction | Atlas National Elevator Company, a limited liability company owned by Atlas Elevator Company for General Trade and Contracting with a percentage of (99%) of its total capital, signed a contract with the Saudi Kuwaiti Furniture Manufacturing Company to transfer the right of use for a plot of land No. M16:1+2 with an area of ​​(11,250 m2) eleven thousand two hundred and fifty square meters located in the city of Riyadh in the second industrial city. The contract includes the purchase of all buildings erected on the plot of land and all rights and ownership related to the land, including equipment related to the buildings, air conditioning units and all electrical extensions, for a value of (12,500,000) twelve million five hundred thousand riyals, noting that the evaluation prepared by the Oulat Real Estate Appraisal Office (appraisal license from the Saudi Authority for Residents No. (1210000397)) amounted to (13,035,000) riyals, and the evaluation prepared by Asala Real Estate Appraisal Company (appraisal license from the Saudi Authority for Residents No. ( 1210000068) amounted to SAR 13,923,635. The signing of this contract is in line with the subsidiary's strategy to expand its production capacity by increasing current production volume and meeting the growing demand for its products with high standards and quality, thus enhancing the company's competitiveness in the Saudi market. This will also benefit Atlas National Elevator Company by achieving profitable returns after the factory's operation, as a result of its ownership in the factory. The signing was made after an evaluation by an appraiser accredited by the Saudi Authority for Appraisers of the usufruct rights, buildings, and equipment erected on the land. |
| Date of Announcement of the Award | 2025-02-26 Corresponding to 1446-08-27 |
| Contract Subject Matter | The National Atlas Elevator Company Factory transfers the usufruct right to a plot of land No. M16:1+2 with an area of ​​(11,250 m2) eleven thousand two hundred and fifty square meters located in the city of Riyadh in the second industrial city. The contract includes the purchase of all buildings erected on the plot of land and all rights and ownership related to the land, including equipment related to the buildings, air conditioning units and all electrical extensions, for a value of (12,500,000) twelve million five hundred thousand riyals from the Saudi Kuwaiti Furniture Manufacturing Company. |
| The Entity with Which the Contract was Signed | Saudi Kuwaiti Furniture Manufacturing Company |
| Date of Signing the Contract | 2025-02-26 Corresponding to 1446-08-27 |
| Contract Value | 12,500,000 Twelve million and five hundred thousand Saudi riyals, including the intermediary office commission |
| Contract Details | 1. The National Atlas Elevator Company shall issue a certified check in the amount of (12,200,000) riyals in the name of the Saudi Kuwaiti Furniture Manufacturing Company. This check shall be retained by the real estate brokerage office and shall not be delivered to the company until the right to use the land is waived and all procedures related to the transfer of ownership are completed with the relevant authorities. 2. The National Atlas Elevator Company shall pay the remaining amount of (300,000) riyals of the land value to the Saudi Kuwaiti Furniture Manufacturing Company after vacating the buildings on the land and handing them over to the National Atlas Elevator Company. 3. A rental value of (3,000) riyals shall be imposed on the Saudi Kuwaiti Furniture Manufacturing Company for each day in the event of a delay in handing over the land and the buildings erected thereon vacant as of June 25, 2025. 4. The Saudi Kuwaiti Furniture Manufacturing Company shall apply to MODON to obtain approval to waive the contract concluded with it regarding the land subject to this contract within a period not exceeding 15 days from the date of signing the contract. 5- The Saudi Kuwaiti Furniture Manufacturing Company is committed to submitting all necessary official documents and papers to the Atlas National Elevator Company to complete the transfer of ownership to the relevant authorities (MODON). 6- The Saudi Kuwaiti Furniture Manufacturing Company is committed to settling all government dues on the land and buildings constructed thereon before handover, including electricity and water bills. 7- The Atlas National Elevator Company is committed to reviewing the official authorities to complete the transfer procedures and transfer ownership to the factory's name. The company will receive the land and buildings constructed thereon, while releasing the Atlas National Elevator Company from any claims, obligations, loans, or lawsuits regarding the purchased land prior to the contract signing date. The Saudi Kuwaiti Furniture Manufacturing Company is responsible for this and bears all obligations arising therefrom. |
| Contract Duration | Until 06/25/2025 |
| Financial Impact and the Relevant Period | The financial impact is expected to have a positive impact on the results when the subsidiary company starts operating the plant at the end of fiscal year 2025. |
| Related Parties | nothing |
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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