One of SASCO stations

Saudi Automotive Services Co. (SASCO) completed, on July 18, transferring nine station title deeds out of 10 for the sale and leaseback process, according to a bourse filing.

 

The relevant financial impact is as follows:

 

Financial Impact

Sale Value of 9 Sites

SAR 381.7 mln

Profit from Sale

SAR 207.3 mln

Capital Gains

SAR 95.4 mln

Remaining Profit

The value of the right-of-use assets will be reduced over the 10-year lease term according to IFRS to prove the sale and re-lease process.

 

On the other hand, SASCO expected the tenth title deed be completed during the third quarter of 2022, adding that any developments in this regard will be announced in due course.

 

On Feb. 7, SASCO board of directors approved signing a binding memorandum of understanding (MoU) to sell 10 of its owned sites to AlJazira Capital for SAR 400 million, after establishing an investment fund and getting the necessary approvals, Argaam reported.

 

In May, SASCO signed the sale and leaseback contracts with AlJazira Capital, as both parties finalized setting up the target investment fund.

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