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

26 May 2022
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

SASCO refers to its announcement at Tadawul website on February 8, 2022, mention the latest updates regarding study of sell and leaseback some of its owned sites, as announced before by the signing of a binding memorandum of understanding with Al Jazira Capital Co.

 

In this regard, SASCO reports that on May 26, 2022, the contracts for the sale and leaseback process have been signed with Al Jazira Capital Co, as previously announced after establishment of the investment fund has been completed, and the final financial impact will be determined after completion of transfer the title deeds to favor of the fund's subsidiary, The final financial impact will be recorded on the financial statements in accordance with IFRS.

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

2022-02-08 Corresponding to 1443-07-07

Percentage of fulfilled achievement

Not applicable

Event's Expected Completion Date

SASCO will announce any updates regarding this matter.

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