SASCO, AlJazira Capital agree not to proceed with remaining title deed transfer

SASCO service station

Saudi Automotive Services Co. (SASCO) agreed with AlJazira Capital not to proceed with the transfer of the remaining title deed related to the sale and leaseback of some of SASCO’s owned sites, according to a Tadawul filing.

The decision came due to the existence of some legal requirements to the remaining title deed, which will take some time, the statement added, noting that there is no impact on the financial statements.

In February 2022, SASCO’s board of directors agreed to sign a binding memorandum of understanding (MoU), ending June 30, 2022, with AlJazira Capital to sell 10 of its owned sites for SAR 400 million, after establishing an investment fund and obtaining the necessary approvals for the acquisition, according to data compiled by Argaam.

The company then signed sale and leaseback contracts with AlJazira Capital, pertaining to some of its owned sites in May 2022.

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