Saudi Company for Hardware Announces Purchase Land with warehouses built on. in the value of SAR 74,000,000.00 – Saudi Riyal Seventy-Four Million Only, excluding fees and administrative charges.
|Transaction Details||On 21-01-2021, the company purchased a land in the city of Riyadh, with warehouses built on, located in Al-Mashael district, with an area of (42,937) square meters, and a built-up area of (33,000) square meters to be used as company's central warehouses.|
|Transaction Value||SAR 74,000,000.00 – Saudi Riyal Seventy-Four Million Only, excluding fees and administrative charges.|
|Transaction Terms||No special conditions.|
|Parties of the Transaction||SACO & |
Mr. Abdulah Ibrahim Awad Alawad
|Transaction Funding Method||This deal will be financed through the available Islamic bank facilities.|
|Transaction Execution Date||2021-01-21 Corresponding to 1442-06-08|
|Description of the Business of the Asset forming the Subject Matter of the Transaction||Storage central warehouses.|
|Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction||N/A.|
|Transaction reasons||To be used as the company central warehouses instead of the existing third parties leased warehouses.|
|Expected Impact of the Transaction on the Company and Its Operations||The financial impact of this transaction will be reflected in the increase of the non-current assets in the interim condensed consolidated statement of financial position in Q1-2021.|
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