Naqi Water signs deal to acquire land lease contract in Riyadh 2nd Industrial City

One of Naqi Water production line

Naqi Water Co. signed an agreement to acquire a lease contract for industrial land owned by the Saudi Authority for Industrial Cities and Technology Zones (MODON) in Riyadh Second Industrial City, according to a filing to Tadawul.

 

Under the deal, Saudi Spare Parts Pump Co. will waive the land to Naqi Water.

 

The contract also entails the transfer of the land lease to Naqi Water and the acquisition of Saudi Spare Parts' assets available on the land, including construction works and buildings.

 

The transaction will be financed from the company's own resources, Naqi Water said, adding that there are no related parties involved in the deal.

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