Saudi Ceramic Co. received an apology letter from El Khereiji Co. stating it is unable to acquire its property in the Eastern Province at SAR 26 million due to the current economic repercussions of the coronavirus outbreak.
The Saudi-listed company added in a bourse statement that it will continue leasing the property and will study the best options that serve its interest.
The purchase agreement’s financial impact was expected to be reflected in Q2 2020, the statement added, stressing that the company disclosed the matter as soon as it received El Khereiji letter.
In March, Saudi Ceramic Co. announced its intention to sell a property in the Eastern Province that spans over 5,728 square meters, to El Khereiji Co. for SAR 26 million, Argaam reported.
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