Al-Baha Investment and Development Company announces that its subsidiary (Elegant Centers Co. Ltd.) has leased an industrial land asset on which an administrative building and a warehouse are located, at a value of 27,025,000 Saudi riyals, including value-added tax
| Element List | Explanation |
|---|---|
| Introduction | Al-Baha Investment and Development Company is pleased to announce to the shareholders that its subsidiary (Elegant Centers Company Ltd.) has signed a lease contract for an administrative building and a warehouse, which is located on industrial land with an area of 25,058.37 square meters. |
| Transaction Details | Signing a contract for leasing the industrial land, on which an administrative building and a warehouse are located, for a period of ten years, with a total value of 27,025,000 Saudi riyals, starting from December 01, 2022 AD |
| Transaction Value | 27,025,000 Saudi riyals, including value-added tax |
| Transaction Terms | There is no |
| Parties of the Transaction | Lessor: Elegant Centers Co. Ltd. (subsidiary)
Tenant: Saudi Modern Factory Company |
| Transaction Execution Date | 2022-11-20 Corresponding to 1444-04-26 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | An industrial land in Riyadh, with an area of 25,058.37 square meters, on which an administrative building and a warehouse are located. |
| Transaction reasons | Diversifying the company's sources of income and increasing its revenues |
| Expected Impact of the Transaction on the Company and Its Operations | It is expected that the financial impact of the company and its operations will appear during the year 2023 AD, God willing |
| Related Parties | There is no |
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