| Element List | Explanation |
|---|
| Introduction | With reference to the Company's announcement published on the Saudi Exchange (Tadawul) website on 05/11/2024G regarding the acquisition of a plot of land located in the northeastern part of Riyadh (Al Munsiyah District), at the intersection of Sheikh Jaber Al-Sabah Road and Al Thumamah Road (Al Takhassusi), with a total area of 24,482.13 square meters and a total value of SAR 171,374,910 excluding real estate tax and commission fees, for the purpose of constructing a hospital. |
The Company would like to announce that it has received notifications and cadastral decisions from the Royal Commission for Riyadh City regarding financial compensation in accordance with the Real Estate Expropriation for Public Benefit Law issued under Royal Decree No. (M/15), as a result of a portion of the property being affected by the Riyadh Ring Roads and Main Roads Development Project.
It should be noted that the carrying cost of land as recorded in the Company’s books at SAR 184,245,851 after the capitalization of real estate tax and commission fees.
| Previous Announcement | Purchasing of a land in the amount of 171,374,910 Saudi Riyals, excluding real estate tax and commission fees. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-11-05 Corresponding to 1446-05-03 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Company would like to announce that it has received notifications and cadastral decisions from the Royal Commission for Riyadh City regarding financial compensation in accordance with the Real Estate Expropriation for Public Benefit Law issued under Royal Decree No. (M/15), as a result of a portion of the property being affected by the Riyadh Ring Roads and Main Roads Development Project. The expropriated area amounted to 9,669 square meters, with compensation totaling SAR 79,757,543, resulting in a non-recurring gain amounting SAR 6,995,042. The Company will review the engineering and regulatory studies and plans required in light of the changes resulting from the expropriation of part of the land, and any material developments or impacts on the project timeline will be announced in due course. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The carrying cost of the expropriated portion of the land amounted to SAR 72,762,501, while the compensation receivable amounted to SAR 79,757,543, resulting in a non-recurring gain amounting SAR 6,995,042. The financial impact will be recognized in the Company’s financial statements in accordance with the applicable international financial reporting standards. In addition, the Company is currently assessing the engineering and regulatory implications arising from the expropriation of part of the land. Should there be any material impact on the project cost or timeline, the Company will disclose such impact in due course. |
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.