Further to Asharqiyah's announcement on Tadawul dated 22/11/2016 regarding the ownership request of the Company's farmland in Fadhili Area. The Company would like to inform its shareholders about the meeting held on Tuesday 22/8/2017 with the Ministry of Environment, Water and Agriculture in response to the invitation received on 20/8/2017. Based on the principle of transparency followed by the Ministry, the meeting was attended by the assigned surveyor by the Ministry to determine the area to be transferred under Asharqiyah ownership. During the meeting, the representatives of the Company were briefed on the exact mechanism for calculating the allocated land. The Company representatives concluded the meeting by requesting from the Ministry a period till 5/10/2017 to inform its Board of Directors and return back with the final total land space to be included in the title deed.
The Company would like to highlight that the financial impact (if any) will be calculated during Q4 of 2017 after agreeing on the final parameters with the Ministry.