National Gas & Industrialization Co. (GASCO) on Wednesday signed an agreement to rent its owned land in Al Olaya, Riyadh, to RAKAA Holding Co. for a total value of SAR 242.5 million.
The rental contract becomes effective on June 20, 2018, GASCO said in a bourse statement.
Rent will be paid in annual installments for 20 years with a grace period on 27 months.
The financial impact will be reflected on the company’s financials from Q3 2020.
There are no related parties involved in the transaction, the statement added.
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