Arriyadh Development Co. — Capital/Financing Update 2021

Mar 21, 2021

Arriyadh Development Company announces the signing of contracts for the sale of parts of the Tenal scheme

4150 · 21/03/2021 08:34:56 · Announcement #62317 · View on Saudi Exchange

Arriyadh Development Company announces the signing of contracts for the sale of parts of the Tenal scheme

Element List

Explanation

Announcement Detail

Arriyadh Development Company announces that it has received a letter dated 5/8/1442 AH corresponding to 18/03/2021 from Adeer Real Estate Company, the exclusive marketing agent of the company for investment and real estate development - an associate company - stating that it has signed contracts to sell parts of a plot of 357,533.29 square with a total value of (576,012,172 riyals) in addition to the buyer's bearing of the real estate disposal tax, and Adeer will start the evacuation procedures as of next week.

The share of Arriyadh Development Company of those sales is 69.38%

The company will achieve total profits from these sales, estimated at (180 million riyals),

The financial implications of which will appear during the first and second quarters of the year 2021 AD

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.