| Element List | Explanation |
|---|---|
| Announcement Detail | Arabian Centres Co. announces a development regarding its owned land located on King Khalid Road cross Al-Urubah Road in Al-Raed district, and from a responsibility standpoint towards the Company’s valued shareholders, the Company informs its shareholders that the Title Deed of this land has been canceled by a court decision. |
And the Company is currently working to take all the necessary legal and judicial procedures to reinstate the land’s Title Deed ownership or reclaim its paid price from the seller, noting that the Company purchased the land for SAR 1,770 million through legitimate and legal procedures, and also incurred to date around SAR 628 million on the development works to construct a Commercial Centre on this land- after obtaining the approved drawings and around 15 construction permits from the Royal Commission for Riyadh City.
And after obtaining an independent legal opinion and reviewed similar cases, the Company’s Management confirms that it will follow up diligently to solve this matter and that it is exerting all needed efforts with the concerned parties to regain its rights to preserve the rights of its valued shareholders, and it is confident that the justice of regulations and rules will achieve that. Also, the Company’s Management believes it continues to control the land and its use and it will continue the construction and development of the land. The Company shall immediately announce any further developments on this regard at the time.
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.