Element List Explanation
Introduction With reference to the company's announcement published on Tadawul website on 24-09-1443H corresponding to 25-04-2022G regarding the judgment of the Court of Appeal upholding the judgment issued by the Major Claims Department of the General Court in Riyadh to rescind the contract for the sale of north of Riyadh land concluded between the company (plaintiff) and the seller (the defendant) dated 01-12-1429 AH and what is entitled to it and obliging the seller (defendant) to pay an amount of 202 million riyals in favor of the company.
Previous Announcement Sinad Holding Company for Trade, Tourism and Industry announces the latest developments for (filing a lawsuit against the seller of land north of Riyadh land demanding him to return an amount of SR 202 million to the company due to the title deed revoke).
Date of Previous Announcement on Saudi Exchange’s Website 2022-04-25 Corresponding to 1443-09-24
Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here
Latest Developments Of The Announced Event The company would like to inform its shareholders about the latest developments following the issuance of the judgment of the Court of Appeal issued in favor of the company and the submission of the application for execution against the defendant as follows:

 

1- The submission to the Execution Court was on 16/05/2022AG, where decisions were issued that include suspending the defendant's services, freezing his bank accounts, preventing him from traveling, and inquiring about his real estates and movable properties, and the Execution Court also seized the shares of one of the companies owned by him by 100% and the profits or revenues that may result from it.

2- During the last period, and after the Execution Court completed some priority payment procedures in accordance with the applicable regulations, the company began collecting some of the due amounts, and the last amount collected until the date of this announcement and deposited in the company's accounts from the Execution Court amounted to 3,181,100 riyals, on 13/01/2025 AD, so that the total amount collected in cash so far is 5,753,364 riyals, representing 2.85% of the total indebtedness.

3- The company, through its assigned lawyer, shall continue to follow up with the Execution Court and work to follow up on what the Execution Court recently directed to implement on the above (1).

4- The company affirms its commitment to take all necessary legal measures to ensure the fulfillment of its rights and the rights of its shareholders.

The Company will announce any material developments in this regard in due course.
Reasons For The Delay on The Date of The Event Previously Announced Not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable
Delay consequences on the Company’s financial results Not applicable

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