Saudi Company for Hardware (SACO) purchased today, Jan. 21, 2021, a land plot valued at SAR 74 million (excluding fees and administrative charges) in Al Mashael District, Riyadh, the company said in a bourse filing.
The land plot, which was purchased from Abdulah Ibrahim Awad Alawad, has warehouses built on it and spans an area of 42,937 square meters (sqm), with a built-up area of 33,000 sqm. It will be utilized as the company’s central warehouses, instead of the existing leased warehouses.
The statement clarified that the deal will be financed through the available Islamic bank facilities.
The deal will positively impact the non-current assets in the consolidated financial statement for Q1 2021, the company highlighted.
There are no related parties, it noted.
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