Retailing and Operation Division

Saudi Automotive Services Co. (SASCO) announces the latest updates of the options study of sell and leaseback some of its owned sites

19 July 2022
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

SASCO refers to its announcement at Tadawul website on May 26, 2022, mention the latest updates regarding study of sell and leaseback some of its owned sites, as announced before the contracts for the sale and leaseback were signed with Al Jazira Capital Co.

 

In this regard, the company reports that on July 18, 2022, completed transferred 9 stations title deeds out of (10) stations for the sale and leaseback process.

 

The financial impact of the sale process is as follows:

 

• The sale value of (9) sites owned by SASCO is 381,702,607 Saudi riyals.

• Profit from the sale of 207,285,819 Saudi riyals.

• The impact on the income statement is a capital gain of 95,373,174 Saudi riyals, and the rest of the achieved profit will reduce the value of the right-of-use assets over the lease period (10 years) according to IFRS to prove the sale and re-lease process.

•The last title deed, expect to be completed during the third quarter of 2022, and any developments in this regard will be announced.

Previous Announcement

The latest updates of the options study of sell and leaseback some of its owned sites

Date of Previous Announcement on Tadawul's Website

2022-05-26 Corresponding to 1443-10-25

Percentage of fulfilled achievement

Not applicable

Event's Expected Completion Date

Not applicable

Reasons for Exceeding the Announced End Date

Not applicable

The costs associated with the event, and if they have changed or not with indication of the reasons.

Not applicable

Impact of the Delay on the Company's Financial Results

Not applicable