Saudi Steel Pipe says received no notice on alleged cancellation of land title deeds

14/02/2021 Argaam

Saudi Steel Pipe Co. (SSP) announced it was not informed of the alleged cancellation of digitalized title deeds of certain land plots, according to a bourse filing.

 

These land plots, which are located in Dammam, span 811,284 square meters (sq m) and were purchased from a private entity on Feb. 13, 2010.

 

The company planned to construct a pipeline coating plant in addition to a company headquarters on these land plots. However, the plant was constructed in the company’s main headquarters, while the land plots were partially used as a warehouse.

 

The land plots have a book value of SAR 157.9 million, accounting for more than 5% of the company’s net assets.

 

SSP said it did not receive any notice in this regard, and it is in the process of determining the relevant impact.

 

Updates will be duly revealed, the statement added.

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