Sadr Logistics Services announces the renewal of the rental contract of refrigerators for storage, with a value of 31,093,987 Saudi riyals
| Element List | Explanation |
|---|---|
| Transaction Details | Renewal of the rental contract for storage refrigerators with Al Murabitoun Al Khalijiah Co. Ltd. for an additional three years,The warehouses are located in the city of Jeddah in the third industrial zone. |
| Transaction Value | 31,093,987 |
| Transaction Terms | The contract was renewed for an additional three years, until the end of August 2026. |
| Parties of the Transaction | Lessor : Al Murabitoun Al Khalijiah Co. Ltd
Tenant : Sadr Logistics Company |
| Transaction Funding Method | Company's own resources. |
| Transaction Execution Date | 2023-03-01 Corresponding to 1444-08-09 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | A refrigerated and frozen storage space for storing foodstuffs, including the processing area, in the rented warehouses in the third industrial zone in Jeddah for the company's customers. |
| Transaction reasons | In view of the success achieved by the on-site logistics services project for storing customers’ products of frozen foodstuffs, and the increasing demand for refrigerated and frozen storage services in the western region, and the company’s desire to maintain continued growth in the logistics services, the contract has been renewed. |
| Expected Impact of the Transaction on the Company and Its Operations | continued growth in the logistical sector and the preservation of existing projects. |
| Related Parties | N/A |
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