GACO signs exit agreement with Wabel Alarabia on Buraydah land via sharing deeds

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) signed an exit agreement with Wabel Alarabia for Investment Co. regarding the lands located in Buraydah, by sharing the land deeds.

Under the agreement, the deeds imply full ownership for each party rather than being 50-50% common land, GACO said in a statement to Tadawul.

Meanwhile, Wabel Alarabia waives the remaining dues for GACO at a total value of SAR 32.6 million as of Dec. 31, 2022.

The Saudi-listed firm added that the land plots represent one of its major investments, which the company plans to invest or lease. This is to benefit from the lands’ privileged location on major roads in Buraydah. These investments are set to achieve excellent outcome.

The financial impact of the agreement will be disclosed later, the statement added.

In 2015, GACO acquired a 50% stake in the land owned by Wabel Alarabia, which spans an area of 320,000 square meters, at a value of SAR 182.5 million. The land is located in Buraydah, Qassim region, according to data compiled by Argaam.