Riyadh – Mubasher: Arabian Centres Company’s (ACC) board approved the full receipt of all dues from FAS Holding Company for Hotels, a related party, totalling SAR 350.3 million as of 30 September 2020.

The dues were paid mainly through an in-kind settlement (real estates) and partially through cash, where ACC will undertake four plots of land and a building situated strategically in Jeddah, Dammam, Al-Ahsa, and Al-Kharj, according to a bourse filing on Thursday.

The transaction’s material effect is expected to reflect in multiple times on ACC’s financial statements for the coming four quarters starting from the fourth quarter (Q4) ending on 31 March 2021.