National Gypsum says expropriated land’s compensation estimated at SAR 8.15 mln

Logo of National Gypsum Co. (NGC)

National Gypsum Co. (NGC) said the financial compensation for the expropriated land located on Palestine Street, Jeddah, was estimated at SAR 8.15 million as per the notice received. The land plot spans a total area of 1,680.8 square meters.

NGC owns this land by an electronic deed.

The objection was filed with the competent authorities to reassess the compensation and prove the relevant financial impact later, NGC said in a filing to Tadawul, expecting a positive financial impact when the final objection results are issued.

On Sept. 10, NGC received a notice from the State Properties General Authority (SPGA) about the financial compensation for its land in Jeddah's Bani Malik neighborhood on Palestine Street, Argaam reported.  

The land was expropriated under the slum project as per the decision of Deputy Governor of Makkah on Feb. 1, 2022.