SASCO refers to its announcement at Tadawul website on December 19, 2021, regarding the latest updates regarding study of sell and leaseback some of its owned sites, According to what was announced; "SASCO will continue to attract new offers from other parties". Accordingly, SASCO reports that on February 7, 2022, the Board of Directors agreed to sign a binding memorandum of understanding with Al Jazira Capital, which ends on June 30, 2022, As following:

• SASCO will sell 10 owned sites, with amount 400 million SR, to Al-Jazira Capital, after they establish an investment fund and get the necessary approvals for acquisition.

• SASCO leases these sites with a binding contract for 10 years.

• The guarantees provided from SASCO are promissory notes equivalent to the rental value of three years and they will renew automatically until the end of the contract.

• The financial impact of the sale process: capital gains of approximately 218 million SR and the final impact will be determined after completing the regulatory procedures and transfer of title deeds to favor of the fund's subsidiary.

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SASCO - Saudi Automotive Services Co. SJSC published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 05:41:05 UTC.