| Element List | Explanation |
|---|---|
| Previous Announcement | Saudi Steel Pipe Company announces the filing of a petition to the Ministry of Justice regarding the land plots owned by the company in Dammam City. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2021-05-05 Corresponding to 1442-09-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Saudi Steel Pipe Company (SSP or the Company) announces that it has concluded a settlement with the sellers of three land plots in Dammam, which were purchased in 2010 (the lands purchase transaction). On February 14, 2021, SSP had reported that the electronic title deeds for the plots acquired under the lands purchase transaction had been cancelled on legal basis unknown to the Company, and on May 5, 2021, SSP informed that it had filed a petition with the Ministry of Justice requesting the reinstatement of the cancelled electronic title deeds, with no resolution having been issued to date. Pursuant to the settlement executed on April 28, the lands purchase transaction has been unwound, and the sellers reimbursed the purchase price paid by SSP, plus a compensation for damages, for an aggregate amount of SAR 211 million in cash. The financial effect of the settlement will be reflected in 2Q 2025 financial statements. In addition, the sellers released SSP from any claim on the lands or its title deeds and assumed all rights and obligations related to the pending petition. The concerned land plots were not part of the production facilities of the Company. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None. |
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