Herfy signs a lease contract of a building in Buraidah

05/08/2013 Argaam

Herfy food services company announced today on tadawul the signing of a long term lease contract for a building in Buraidah with Qetaf for investment and real estate development company.

The building which occupies an area of 158m2 is leased for 18 years and nine months starting from 10/10/1434 AH.

The lease price agreed upon in the contract is as follows:

  • SAR 250,000 annually for the first 5 years of the contract.
  • SAR 300,000 annually for the following 5 years of the contract.
  • SAR 350,000 annually for the remaining period of the contract.

The transaction is considered a related party transaction since two Herfy’s board members own some interest in Qetaf.

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