Savola Group — Capital/Financing Update 2012

Apr 24, 2012

The Savola Group Announces Signing of Contract to Purchase a building for its new Headquarters in Jeddah

2050 · 24/04/2012 09:55:38 · Announcement #25576 · View on Saudi Exchange

The Savola Group Announces Signing of Contract to Purchase a building for its new Headquarters in Jeddah

The Savola Group signed, on Monday April 23, 2012, a contract with Adeem National Construction and Development Company to purchase the East Tower of The Headquarters Business Park, located in the Ashati District on Corniche Road, North Jeddah. The Business Park project consists of two towers, East and West . The Savola Group Headquarters will be situated in the East Tower,facing Prince Faisal bin Fahad Street and consists of sixteen floors, including the ground floor, with a total area of 13,404 square meters, not including some common areas.

The total value is Saudi Riyal 134 million to be paid in three installments. The first installment of 60% represents what has been constructed to date and payable on signing and remaining two installments of 20% each will be paid according to the stages of deliverables as per the Contract. The East Tower will be handed over to The Savola Group by the end of May 2013, at that point of time the ownership will be transferred to The Savola Group. The purchase will be self-financed.

Dr. Abdulraouf M. Mannaa, Managing Director of The Savola Group said that this project will unify Corporate Headquarters and its Operating Companies Offices, reducing costs of administrative expenses and rent, managing the processes effectively and foster team-work. Furthermore, any remaining space in the Tower will be as an investment for The Group.

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.