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Saudi Arabia: SASCO updates on Ministry of Finance’s decision to cancel contract of one of its leased Gas Station in port Al Batha

Saudi Arabia, 2014-12-29 — /EPR Retail News/ — SASCO refers to its previous announcement on October 26, 2014 regarding the Ministryof Finance’s decision to cancel SASCO lease gas station in port Al Batha border and hand over the site no later than 30/12/1435 H. per their previous letter dated 25/09/1435 H. and company had handed over the site on 01/01/1436 H accordingly.

The latest developments, the company had received on December 22, 2014 a letter from the Ministry of Finance stated completing the compensation procedures which has been valued at (7,804,950 SR) based on the item No. (16) of the lease which states on “lessee shall hand over the site to the ministry in the case of the public interest for this site, and in this case the ministry of Finance will return the value of the remaining term of the lease and compensate for buildings and facilities were built on-site per regular financial regulations”.

The financial impact of such compensation is estimated gain of almost (1,8 Million SAR), which will be displayed within the company’s financial results for the fourth quarter of 2014 after receipt the compensation check from the ministry and reduce the book value of the buildings & facilities and clear all necessary settlements.


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