AI Summary
| ELEMENT LIST | EXPLANATION |
|---|---|
| Transaction Details | On, 23-06-2022 AD Jazan Energy and Development Company has sold an agricultural land plot with a total area of 1,153,200 sqm located in the Jazan region with a value of 35,000,000 SAR (inclusive of real estate transaction tax) |
| Transaction Value | 35,000,000 SAR (inclusive of real estate transaction tax) |
| Transaction Terms | The main terms of the transaction include:
- Transfer the deed to the buyer - The buyer pays the full agreed amount at one transaction |
| Parties of the Transaction | 1) Jazan Energy and Development Company (seller)
2) Falat Real Estate Company (buyer) |
| Transaction Funding Method | Not applicable |
| Transaction Execution Date | 2022-06-23 Corresponding to 1443-11-24 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Agricultural land (electronic instrument) |
| Asset Book Value | 1.964.000 SAR |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | Support the company's strategic plans for restructuring and support ongoing projects |
| Expected Impact of the Transaction on the Company and Its Operations | The company achieved from the deal a total profit of 33,333,333 SAR, which will be fully recorded in the income statement during the second quarter of 2022 AD |
| Details of Using The Proceeds of the Asset Sale | The proceeds of the sale will be used to improve the financial position, develop and invest in the operation and expansion of the aquaculture sector and to enter into new investments |
| Related Parties | None |
| Additional Information | Not applicable |
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