TADCO says Ministry of Justice approves land ownership deed

Logo of Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. (TADCO) announced the issuance of a land ownership deed with the approval of the Ministry of Justice, the company said in a statement to Tadawul.

The company received, on May 10, 2020, the decision from the Ministry of Environment, Water and Agriculture regarding the ownership of agriculture land in plot 1 and 2 in Tabuk.

Plot 1 is located 53 kilometers north of Tabuk, spannning an area of 212.48 million square meters. Plot 2 is located east of Tabuk railway station and spans 2.26 million square meters.

Hence, the two land plots became the company's property following the Ministry of Justice ratification.

The company noted that the financial impact of receiving the deed will be determined later in accordance with the approved accounting standards.

According to the data available with Argaam, TADCO announced, in May 2020, receiving the decision of the Ministry of Environment, Water and Agriculture to own the two plots of land.