GACO gets Ministry of Environment letter to pay fees for Qassim land

Logo of GACO

Al-Gassim Investment Holding Co. (GACO) received a letter from the Ministry of Environment, Water and Agriculture, requesting the company to pay fees for the land it did not own in Qassim, according to a bourse statement.

The fees will cover the period starting from the seizure date until 24/04/1442 AH and will be paid to the State Treasury for the benefit of the ministry.

GACO will take the necessary and appropriate legal measures that preserve the rights of the company and shareholders.

In December 2020, GACO announced filing a lawsuit against a department of Ministry of Environment, Water and Agriculture in Qassim, before the Administrative Court in Buraydah, according to data compiled by Argaam.

In June 2020, the Tadawul-listed firm was allowed by virtue of a letter from the Ministry of Environment, Water, and Agriculture, to own a 74.04 million square meters (sqm) land plot out of the total area granted thereto in Sheri, Qassim.

In February 2015, GACO said the Saudi Cabinet endorsed the ownership of a number of agricultural companies, including themselves, for land that was handed to them.

It added that the company's project in Sheri on Hail-Qassim Road, over an area of 171 million sqm, was on the land for which ownership was to be issued.

GACO said all of the conditions set by the Cabinet were fulfilled on the ground, adding that it would complete all required procedures to obtain the ownership deed.