Naf secures Ar Rass industrial land usufruct, buys buildings for SAR 3M

Naf obtains Ar Rass industrial land usufruct, acquires on-site buildings for SAR 3M

Naf Co. signed an assignment and sale agreement with related party Foodicom to acquire usufruct rights to an industrial land plot in Ar Rass, Qassim region, and purchase the buildings on it for SAR 3.05 million, excluding fees and taxes.

The deal includes the assignment of an existing lease with Ar Rass Municipality for a 7,020-square-meter industrial plot, as well as the sale and transfer of an administrative/operational building, a closed warehouse, and all related installations and structures on the site, the company said in a statement to Tadawul.

The transaction represents about 2% of Naf’s total 2024 revenue, with the contract amount to be settled within 60 working days of completing the assignment process at Ar Rass Municipality.

Naf said the acquisition aligns with plans to relocate its headquarters to the site to boost operational efficiency, reduce costs, and support future expansion. Execution is subject to regulatory approvals and municipal clearance, and the company noted the contract value reflects the lower of two property valuations.

The first valuation, issued Nov. 6, by a certified valuer accredited by the Saudi Authority for Accredited Valuers, estimated the property at SAR 3.05 million. A second valuation on Nov. 18, 2025, by another certified valuer, placed the value at SAR 3.09 million.

The contract is effective from signing until completion of the assignment procedures and full settlement of dues, with the financial impact expected in Q4 2025, Naf said.

Foodicom is owned by Chairman Fayez Al-Harbi, who abstained from the board vote approving the agreement on Dec. 8 due to his direct interest, in line with the Companies Law. The board confirmed the contract was executed on standard terms and will be submitted to shareholders for approval at the next general assembly meeting.