Retailing and Operation Division

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

31 October 2021
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

SASCO refers to its announcement at Tadawul website on July 29, 2021, regarding the latest updates regarding study of sell and leaseback some of its owned sites and according to the memorandum of understanding signed with Falcom Company. SASCO reports that on October 30, 2021, the board of directors approved what was stated in the letter dated on October 27, 2021 from Falcom CO, which confirms their commitment there to purchase 10 sites owned by SASCO, subjected to a real estate fund to be established by Falcom and getting the necessary approvals for the acquisition.

The amount value of the sites is approximately 324 million riyals, in addition to the commitment of SASCO to lease these sites for a mandatory period of 10 years.

The financial impact will be capital gain of approximately 142 million riyals, and the final impact will be determined after completion of the regulatory procedures and transfer of title deeds to favor of the fund's subsidiary.

Previous Announcement

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

Date of Previous Announcement on Tadawul's Website

2021-07-29 Corresponding to 1442-12-19

Percentage of fulfilled achievement

Not applicable

Event's Expected Completion Date

Within 60 days

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

Not applicable

Additional Information

SASCO will announce any updates regarding this matter.