Service Equipment signs SAR 862,500 warehouse lease with major shareholder

10:57 AM (Mecca time) Argaam- Nomu
Logo ofService Equipment Co.

Logo of Service Equipment Co.

Service Equipment Co. signed a lease agreement, on March 3, with Omar Abubakr Balubaid Co. Ltd. to rent a 2,500-meter warehouse at a total rental value of SAR 862,500, inclusive of VAT.

 

In a statement to Tadawul, the company said the three-year lease commenced on the signing date.

 

The financial impact will be recognized under lease liabilities and reflected in the company’s financial statements for the first half of 2026.

 

The company noted that Omar Abubakr Balubaid Co. is a related party, as it is one of the major shareholders.

 

According to available data from Argaam, Omar Abubakr Balubaid Co. owns an 8.40% stake in Service Equipment.

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