SASCO says transfer of title deed for 10th station not complete

One of SASCO stations

Saudi Automotive Services Co. (SASCO) announced that the transfer of the title deed for the tenth station was not completed as scheduled in Q3 2022, since the procedures have not been completed with the authorities concerned.

In a statement to Tadawul, SASCO said it will announce any developments in this regard 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.

Later, on July 18, SASCO announced the transfer of nine station title deeds out of 10 for the sale and leaseback process and expected the tenth title deed be completed during the third quarter of 2022.