SACO cancels Jeddah land deal

15/05/2022 Argaam

Logo of Saudi Company for Hardware (SACO)

Saudi Company for Hardware (SACO) announced that a land investment contract in Jeddah with a related party was canceled today, May 15, according to a bourse statement.

 

The decision will not have any financial impact on the company.

 

In March 2020, SACO signed a SAR 194 million land investment contract in Jeddah, Argaam earlier reported.

 

The land plot is partly owned by Samaual Taha Bakhsh, one of the owners of Abrar International Holding Company (represented by board members Talal Baksh and Hany Alshuwaier).

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