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| Announcement Detail | Electrical Industries Company would like to inform its shareholders, that it has disclosed in the IPO prospectus during 2014 about the risk related to the land registered in the name of the former CEO of the Company, which located at the north of Dammam Road highway, west of military city. During 2007, the Company purchased vacant land consisting of four lots with a total area 68,227 sq , with amount of SAR 6.3 million. The land was registered in the name of the former CEO of the Company with the purpose of finalizing the procedures related to the purchase process, provided that the land shall be transferred later to the Company’s name. However, the transfer process does not occur due to a ban imposed by the relevant authority on the whole area. |
As the ban was lifted recently by the competent authority, the Company is pleased to announce to its shareholders on the completion of transferring the ownership of the land and new deeds of ownership were issued in the Company’s name on Tuesday 20/11/1445 equivalent to 28/5/2024
Noting that there will be no financial impact on the Company’s results as the land is registered in the Company’s books.
Thus, the Company assures its keenness to preserve its shareholders’ rights.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.