Saudi court cancels Aseer Trading land purchase

05/05/2019 Argaam

 

Aseer Trading, Tourism & Manufacturing Co. (Aseer) received a letter from the owner of a plot of land it had purchased in 2009, saying that a court order has cancelled the sale, the firm said in a bourse statement.

 

Aseer had paid SAR 202 million out of the total sale price of SAR 214.5 million, in addition to paying around SAR 5.24 million for a broker, the statement said.

 

The company has taken all legal measures to retrieve all the payments it made in the course of this deal, in order preserve shareholders’ rights, it said.

 

The deal had no related parties and the firm’s auditor is currently studying the financial impact of this development.

 

Any updates will be revealed as they occur, the statement added.

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