Arab Sea board recommends purchasing office tower for SAR 59M

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co.'s board of directors approved in principle the purchase of an office tower owned by board member, Mohammed Saleh Al-Suhaibani, for SAR 59 million, excluding the real estate transaction tax, according to a statement to Tadawul.

 

The 23-storey tower, which will house the headquarters of the company and its subsidiaries, is located in Al-Sahafa district, Northern Riyadh.

 

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The asset's value will be paid in equal annual installments over 10  years, the statement said, adding that the purchase will be financed from the company’s internal sources.
BG Ltd. Co. (indirect interest) and Hesham Mohammed Al-Suhaibani (indirect interest) are related parties to the deal.
 
The expected related impact would be an increase in the value of non-current assets and non-current liabilities.

 

The real estate asset was valued by three evaluators accredited by the Saudi Authority for Accredited Valuers.

 

White Cubes Co. for Professional Consulting (membership number 1210000474) valued the tower at SAR 62.9 million, while Saleh Al-Omari Real Estate Valuation Co. (membership number 1210001002) put the price at SAR 62.9 million.

 

Etqan Real Estate Valuation Co. (membership number 1210001245) valued the asset at SAR 64.1 million.

 

The deal will be concluded with the board member after the general assembly approves the business and contracts, the statement said, adding that the deal will be announced upon signing.

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