Saudi Automotive Services Co. (SASCO) announces settlement of land owned by it on Al-Kharj road

28/02/2012 Argaam

According to company announcement dated 08/08/2010 regarding sold of land owned to SASCO in AL-Kharj Road, in addition to the monetary equivalent which mentioned in the announcement, the contract provides for payment in kind of land (10260 square meters) licensed gas station category (a), but the real estate company which bought the land cannot compensation this return during the agreed period due to delays in project that planned to develop it.

In February 27, 2012 according to the terms of the contract, the real estate company compensate SASCO by paying value in cash (SR 10,260,000), and thus the transaction has been completed.

Note that the profit earned in this operation is estimated at (SR 8,174,383) which will impact on financial results of the company in the first quarter of 2012

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