Atlas Elevators extends industrial land’s usufruct right in favor of unit’s plant

Logo of Atlas Elevators General Trading and Contracting Co.

Atlas Elevators General Trading and Contracting Co., listed on the Nomu–Parallel Market, announced the extension of the usufruct right for the industrial land in favor of its subsidiary, Atlas National Elevators Factory.

According to a statement on Tadawul, the contract was signed with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to lease an 11,250-square-meter industrial land plot No. M16:1+2, located in Riyadh's 2nd Industrial City, for a period of 20 years at an annual rent of SAR 45,000.

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According to data available on Argaam, Atlas Elevators announced last May that its subsidiary, Atlas National Elevators Factory—99% owned by the company—signed an agreement to transfer the usufruct right of an industrial land plot and purchase the buildings on it from the Saudi Kuwaiti Company for Industrial Furniture. The deal was for a total value of SAR 12.5 million, including the broker’s commission.