Jahez International Company for Information Systems Technology (Jahez) announces the Purchase of a real estate in the value of (150,000,000) one hundred and fifty million Saudi riyals.
| Element List | Explanation |
|---|---|
| Transaction Details | Jahez International Company for Information Systems Technology (Jahez) announces the Purchase of a real estate in the value of (150,000,000) one hundred and fifty million Saudi riyals in Almohammadiyah district in Riyadh. |
| Transaction Amount | (150,000,000) one hundred and fifty million Saudi riyals. |
| Transaction Conditions | Both parties are bound by the conditions, obligations, guarantees and pledges mentioned in the contract. |
| Parties of the Transaction | Buyer: Jahez International Company for Information System Technology.
Seller: Wathbah Investment Company. |
| Transaction Financing Method | The transaction will be financed from banking facilities for the value of (105,000,000) one hundred and five million Saudi riyals. The remaining payment of (45,000,000) forty-five million Saudi riyals will be paid through the company own resources. |
| Date of Entering Into The Transaction | 2024-06-12 Corresponding to 1445-12-06 |
| Description of Activity of The Asset Subject of The Transaction | Commercial land on which a commercial building stands under construction. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | NA |
| Transaction reasons | Jahez Group has witnessed a huge expansion in operations over the past years, accompanied by a significant growth in the number of employees. Therefore, the Board of Directors decided to acquire the property as a new headquarters for the company in line with the size of its activities and the increasing number of its employees. The decision to purchase, instead of renting, was mainly driven by the unprecedented rise in prices in office property leasing, in line with the growth in Saudi Arabia's economy. |
| Expected Impact of the Transaction on the Company and Its Operations | Increase in non-current assets and expanding in the Company operations. |
| Related Parties | None |
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