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Saudi Company for Hardware (SACO) announces the signing of a contract for the sale of its warehouse, located in Riyadh.
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SACO
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1447/01/20 15/07/2025 09:50:19
| Element List | Explanation |
|---|---|
| Introduction | Saudi Company for Hardware (SACO) announces the signing of a contract for the sale of its warehouse, located in Riyadh in the Al-Mashael neighborhood, on 14-07-2025. |
| Transaction Details | Signing a contract to sell the warehouse located in Al-Mashael neighborhood in Riyadh, with an area of approximately 42,937 square meters, for an amount of 140,425,000 Saudi Riyals (excluding real estate transaction tax and brokerage commission). |
| Transaction Amount | 140,425,000 Saudi Riyals (excluding real estate transaction tax and brokerage commission). |
| Transaction Conditions | None |
| Parties of the Transaction | Seller: Saudi Company for Hardware (SACO) Buyer: Sixth Irada Supply Company (Limited Liability Company) |
| Transaction Financing Method | Not Applicable |
| Date of Entering Into The Transaction | 2025-07-14 Corresponding to 1447-01-19 |
| Description of Activity of The Asset Subject of The Transaction | Investment property (storage warehouse) |
| Asset Book Value | The book value of the property in the company's financial statements amounted to 93 million Saudi Riyals as of June 30, 2025. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not Applicable |
| Transaction reasons | This deal comes as part of the company's Turnaround plan, which includes consolidating supply and distribution operations through warehouses located in Dammam, in addition to converting the warehouse in Riyadh into an investment property. SACO believes that this step will support its long-term strategic objectives, achieve greater efficiency in supply chains, and improve returns through more effective management of the company's assets. |
| Expected Impact of the Transaction on the Company and Its Operations | The positive financial impact of this transaction will be reflected in the company's financial statements starting from the third quarter of financial year 2025. |
| Details of Using The Proceeds of the Asset Sale | The proceeds from this transaction will be used in settling the existing banks’ debt, as well as financing the company's future expansion plans |
| Related Parties | None |
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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