SACO signs SAR 194 mln land deal in Jeddah

02/03/2020 Argaam

 

Saudi Company for Hardware (SACO) signed today a SAR 194 million land investment contract in Jeddah, according to a bourse statement on Monday.

 

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), the statement added.

 

Under the 22-year contract, the company will set up a SACO store and other buildings for real estate investment purpose.

 

The agreement is effective from April 1, 2020, and the direct impact of the deal on the firm’s financial statements is expected to begin as of Q2 2020.

 

The company confirmed that the contract was made within the context of normal business and did not include any preferential benefits.

 

It also added that the contract will be ratified during the next general assembly meeting.

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