SASCO starts experimental operation of two new sites at the campus of King Khalid International Airport, Riyadh

Riyadh, Kingdom of Saudi Arabia, 2016-Aug-04 — /EPR Retail News/ — Saudi Automotive Services Co. (SASCO) announces on August 2, 2016 the start of experimental operation (45 days) of the two new sites (SASCO Plus) in King Salman Road at the campus of King Khalid International Airport – Riyadh.

The first site covers 20 thousand square meters area while the second site covers 10 thousand square meters area , both contains mosque, fuel services and c-store (SASCO Palm), in addition , many local and international restaurants, coffee shops and ATM services, first site include also a hotel under designing.

The Investment volume for the first location reached is about 34 million riyals (without the hotel) and the second location is about 24 million riyals (financing through bank facilities signed with local banks), it is expected to contribute on those sites to increase sales and profits of the company, the financial impact will occur on the third quarter of 2016. Note that there were no any related parties.

The company has been contracted with General Authority of Civil Aviation at King Khalid International Airport to construct and operate these two new strategic sites at king Salman Road- Riyadh.

Contact:
Riyadh- Al-Ahsa Street
B.O. Box: 51880 Riyadh 11553
Kingdom of Saudi Arabia
Tel +966 11 206 8855 Fax +966 11 206 8833

Source: Saudi Automotive Services Co.

DUNKIN DONUTS franchisee in Saudi Arabia will open shops in the stations of SASCO

Riyadh, Kingdom of Saudi Arabia, 2016-May-18 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces signing on May 09, 2016, a mutual cooperation agreement with Shahia Food Limited Company, the sole authorized franchisee of DUNKIN DONUTS brand in Saudi Arabia.

This cooperation agreement states that Shahia, through its DUNKIN DONUTS brand, will open shops in the stations of SASCO and all palm stores inside cities and on the high ways to operate the selling of coffee and donuts on a sharing revenue basis from the gross revenues of DUNKIN DONUTS. This shared revenue resulted from this agreement will be differentiated based on the level of total annual revenues of all locations.

This agreement will be valid for 5 years, starting from June 01, 2016. There is no benefit for any related party is included in this agreement. SASCO cannot predict, for the time being, the financial impact of this agreement clarifying that it will be appeared in the financial statements starting from the 3rd quarter of 2016.

SASCO assures that signing this agreement with the sole distributor of one of the biggest international brand in KSA is coming from its concern to encourage the mutual investments and the targeted development to provide all services to our customers on all areas. In addition, entering into this agreement will positively impact on the expansion plans of both companies and consequently impact positively on the sales volume and profit of both SASCO &; Shahia.

We, at SASCO, assure that we save no efforts towards achieving the expansion plan to increase our network, quality and integrated services to our customers which will be positively reflected on our financial results for the benefits of our shareholders.

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SASCO announces distribution of cash dividends for the fiscal year 2015

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-12-29 — /EPR Retail News/ — The Board of Director of Saudi Automotive Services Co. (SASCO) has recommended on 28 December 2015 to the general assembly Meeting, distribution of cash dividends for the fiscal year 2015 as following:

  • Total amount of distribution of dividend SAR 27,000,000.
  • Divided per share SAR 0.5 .
  • Divided represent 5% of the share face value.
  • The eligibility of dividends shall be for the shareholders registered in the registers of the Securities Depository Center (Tadawul) on the general assembly Meeting which will be announced later.
  • Details of dividend distribution date will be announced later.

Saudi Automotive Services Co. (SASCO)
Riyadh- Al-Ahsa Street
B.O. Box: 51880 Riyadh 11553
Kingdom of Saudi Arabia
Tel +966 11 206 8855 Fax +966 11 206 8833

SOURCE: Saudi Automotive Services Co.

Saudi Automotive Services Company (SASCO) signs bank facility agreements (Shariah-compliant) with local banks

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-12-23 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces completion of signing of the Bank facility agreements (Shariah-compliant) with local Banks on 21 December 2015 against signed promissory note as follows:

  • Saudi Hollandi Bank- SHB (A Saudi Joint Stock Co.): the facility agreement amounting to 150 million includes a medium term loan amounting to SR 100 million for 54 months (Grace Period 18 months) scheduled to be settled in semiannual installments in addition to letters of guarantee amounting to SR 50 million.
  • Riyad Bank (A Saudi Joint Stock Co.): the facility agreement includes letters of guarantee amounting to SR 50 million.The reason lies behind this facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.Knowing that there is no liability on the company if not used this facility.

Saudi Automotive Services Co. (SASCO)

Riyadh- Al-Ahsa Street
B.O. Box: 51880 Riyadh 11553
Kingdom of Saudi Arabia
Tel +966 11 206 8855 Fax +966 11 206 8833

SOURCE: Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Company (SASCO) announces the results of 34th Ordinary General Assembly Meeting

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-10-29 — /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces the results of the 34th Ordinary General Assembly Meeting (2nd Time), which held at 4:00 pm on Sunday, 25th of October, 2015 at SASCO Head office (Al-Ehsa Street Malaz – Riyadh) after completion of the quorum, where all meeting agenda were agreed as mentioned below: 

  • Elected of two additional members to engage the new two seats in the Board of Directors to complete the current session, which began on June 30, 2015 and ends on June 29, 2018, this after the Article (16) of the Article of Association was amended to become the number of the Board Members (9) members instead of (7) members (normal method of voting) as Follows:Mr. Suleiman Ali Alkhudair. 
    Mr. Fawaz Suliman Alrajhi. 

     

    It is worth mentioning that Mr. Suleiman Ali al-Khudair holds a bachelor’s degree in electronic science from the University of Arizona, USA, and has held several senior management positions in the private sector, and Mr. Fawaz Sulaiman Alrajhi holds a bachelor’s degree administrative and accounting information systems from King Fahd University of Petroleum and Minerals and a master’s degree in business administration from Stanford Business School (USA) and has worked in several leadership positions and participated in many of the boards of directors of companies in the private sector. 

     

  • Approved the amendment of Article II, paragraph (3/3) the rules of selection members of The Nominations & Compensations Committee, the duration of their membership, type of committee work and in particular formatting the Committee and the conditions of committee member, which states that “not be allowed members from the executive directors of the company or who are managing technical or administrative position in the company” to become after the adjustment “may be a member of the committee from executive directors in the company or who are managing technical or administrative position in the company” in order to activate the role of sub- committees of the Council and grant the possibility of participation for members from seniors executives in the company.

SOURCE: SASCO

Saudi Automotive Services Company invites shareholders to attend 34th Ordinary General Assembly Meeting on Oct 25, 2015

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-10-14 — /EPR Retail News/ — The Board of Directors of Saudi Automotive Services Company (SASCO) invites the shareholders who own (20) shares or more to attend 34th Ordinary General Assembly Meeting (Second Meeting) which will be held at 04:00 pm of Sunday October 25, 2015 at SASCO Head office (Al-Ehsa Street Malaz – Riyadh) to consider the following agenda:

1. Vote on election of two additional members (Normal Method) to engage the new two seats in the Board of Directors to complete the current session, which began on June 30, 2015 and ends on June 29, 2018, this after the Article (16) of the Article of Association was amended to become the number of the Board Members (9) members instead of (7) members.

2. Vote on amendment of Article II, paragraph (3/3) the rules of selection members of The Nominations & Compensations Committee, the duration of their membership, type of committee work and in particular formatting the Committee and the conditions of committee member, which states that “not be allowed members from the executive directors of the company or who are managing technical or administrative position in the company” to become after the adjustment “may be a member of the committee from executive directors in the company or who are managing technical or administrative position in the company” in order to activate the role of sub- committees of the Council and grant the possibility of participation for members from seniors executives in the company.

Each shareholder wishes to attend the meeting, must attend at least one hour early before meeting time to finish the registration procedures along with his ID, and for those who cannot attend may appoint another shareholder of non-board members or employees of the company, All attorneys (should be certified either by chamber of commerce of Notary or any Bank) and should be handed over to the company or sent by mail to company mailing address (Riyadh 11553 P.O. box. 51880) at least three days early before assembly date, attached a copy of share certificate or proof of ownership. Note that the quorum for the AGM (second meeting) will be valid irrespective of the number of represented shares.

For more information Tel. 011-2068855 Ex. 1112, Fax 011-2068833.

SOURCE: SASCO

Saudi Automotive Services Company (SASCO) signs Bank facility agreement (Shariah-compliant) with National Commercial Bank for SR 151,825,000

Retailing and Operation Division

Riyadh, Kingdom of Saudi Arabia, 2015-8-26— /EPR Retail News/ — Saudi Automotive Services Company (SASCO) announces completion of signing of the Bank facility agreement (Shariah-compliant) with the National Commercial Bank (NCB) on 25 August 2015 at a value of SR 151,825,000 against signed promissory note.

A part of the above mentioned facility agreement is Murabah Islamic long term loan amounting to SR 101,125,000 for seven years (Including grace period one year) scheduled to be settled in semi-annual instalments.

Furthermore, the facility agreement includes a short term loan at SR 25,700,000 scheduled to be settled in one instalment after four months from the withdrawal, in addition to a letter of guarantee amounting to SR 25,000,000.

It is noteworthy that the reason lies behind this facility is to finance buying new locations, building new fuel stations and developing the existing stations as well as financing the working capital requirements.

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Saudi Automotive Services Co appointed Mr. Ali Mohammed Ali Aba Al-Khail as a board member

Riyadh, Kingdom of Saudi Arabia, 2015-2-4 — /EPR Retail News/ — Saudi Automotive Services Co. (SASCO) announces for the Board’s decision on February 3, 2015 approving the appointment of Mr. Ali Mohammed Ali Aba Al-Khail as a board member in the vacant seat (Independent Member) with effect from the date of the decision until the end the current session of the board on June 29, 2015.

The board approval is not considered as final approval, where it will be on display this appointment on next General Assembly Meeting for final approval.

Mentioning that Mr. Ali Mohammed Ali Aba Al-Khail holds a bachelor’s degree in Political Science from the College of Administrative Sciences, King Saud University, and a master’s degree in government from Harvard University in the United States, has served in several leadership positions in the government sector and then in the private sector later.

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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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