Jarir Marketing Co. Announces Contract Sign Off with Jarir Real Estate Company
| ELEMENT LIST | EXPLANATION |
| Introduction | Jarir Marketing Co. Announces Contract Sign Off with Jarir Real Estate Company(Related Party) |
| Date of Announcement of the Award | 2021-10-25 Corresponding to 1443-03-19 |
| Contract Subject Matter | Land sale contract |
| Date of Signing the Contract | 2021-10-25 Corresponding to 1443-03-19 |
| Contract Value | 97,925,698 Riyals |
| Contract Details | Jarir Marketing Company signed a contract to sell a piece of land owned by it, located in Riyadh, Al-Yasmeen District, with an area of (10,542.50) m2 |
| Contract Duration | - |
| Financial Impact and the Relevant Period | Profit results from the sale amount to (38,492,355) riyals. The financial impact of the contract will appear during the fourth quarter of 2021 |
| Related Parties | Jarir Real Estate Company “the buyer” is 100% owned indirectly by some members of the Board of Directors of Jarir Marketing Company, and they are: 1. Mr. Mohamad bin Abdul Rahman Al-Agil. 2. Mr. Abdullah bin Abdul Rahman Al-Agil. 3. Mr. / Abdul Karim bin Abdul Rahman Al-gil. 4. Mr. Nasser bin Abdul Rahman Al-Agil. And the Chairman of the Audit Committee, Mr. Abdul Salam bin Abdul Rahman Al-Agil. |
| Additional Information | The company received an offer from the buyer (the related party) to purchase a piece of land within the company's assets, which was intended for the development of a project that was canceled. After considers the offer in light of the valuations conducted for the land by three accredited valuers, the company considered that accepting this offer is in the best interest of the company. The company confirms that the contract did not include any preferential terms. In addition, none of the members of the Board or Audit committee who has an interest participated in the discussions or the approval of the contract. And that this contract will be ratified during the next General Assembly meeting. |