Riyadh – Mubasher: The Saudi Company for Hardware (SACO) has signed a contract with one of the owners of Abrar International Holding Company.

The contract involves land investment in Jeddah, with a value of SAR 194 million and a duration of 22 years, according to a statement to the Saudi Stock Exchange (Tadawul).

The land investment contract signed with Samaual Taha Bakhsh, involves a related party, as Abrar International Holding owns a 17.85% stake in SACO and has two representatives in the latter’s board of directors.

However, SACO confirmed that the contract was made within the context of normal business and did not include any preferential benefits.

The deal will be ratified during the next general assembly meeting.