Addendum announcement from Arabian Centres Co. regarding the development of its owned land in Al-Raed District in Riyadh City
| Element List | Explanation |
|---|---|
| Introduction | Addendum to Arabian Centres Co. announcement on 11 November 2021 regarding the development of its owned land located on King Khalid Road cross Al-Urubah Road in Al-Raed district, the Company would like to state the following:
• The Chairman of the board of directors informed the board in its meeting dated 08 September 2021 of the title deed cancelation. After that, the Chairman sent a letter to the Royal Highness on 20 September 2021 soliciting the cancelation of the supreme court decision. Then, the Company informed the external auditors with this event during its review process for the second quarter ended 30 September 2021.
• No financial impact has been recorded until the issuance of Q2-FY2022 financial statements.
• The Company is continuing its development works on this land as it has not received any sort of formal notification to stop that, and since the matter is related to the main title deed related to the first owner. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2021-11-11 Corresponding to 1443-04-06 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | None |
| Financial Impact on the change | None |
Comments