Artex Industrial Investment Company Announce The conclusion Of Binding Agreement To waive the lease of a plot of land in one of its sites
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| Announcement Detail | Artex Industrial Investment Company announce the conclusion of binding agreement with (Lamina Limited) company to waive the lease contract of land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Second Industrial City in Riyadh, , previously used as the site for the spinning Factory, after the approval of the Board of Directors in accordance to the granted authorities and completing the necessary statutory procedure and obtain the required approvals from the relevant authorities.
This measure comes within the company's plan to restructure assets and improve operational efficiency, the company is working to integrate some modern production lines into other spinning sites, by using advanced equipment and techniques that don't require large Areas, in line with modern industrial trends and to enhance operational efficiency. It mentioned that the waived site was used for more than 30 years and contains building, facilities that have exceeded their economic cycle. Its planned to utilize the operable equipment at other locations, and dispose of the remaining assets in a way that achieves the best return for the company. Where a binding agreement was conclusion with an estimated value of 41,313,800 Saudi Riyals, including the waiver of the signed lease contract and sales of its building equipment and establishment for the benefit of (Lamina Limited) accordance with the terms and conditions, and fulfillment of all the required statutory procedures. The transaction is expected to have a positive financial impact reflected in the financial statements after the completion of the waiver process. There are no related parties in this transaction and any subsequent substantive developments will be announced at the time. |
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