Al Sorayai reaches agreement to deduct SAR 14.3 mln debt

Al Sorayai Trading and Industrial Group Company has said it reached an agreement to deduct a SAR 14.3 million existing debt owed to Alhikma International Real estate Development Company, Al Sorayai said in a Tadawul statement.

The company said the amount represents 50 percent of the due amount of accumulative unpaid rent of depots and showrooms as of 30 Sep 2019.

The book value of the remaining amount is SAR28.5 million, adding that the reason of reaching such an agreement is because of the long standing business relation.

It also said that there is a positive non-recurrent financial impact on the company statement, and added that the chairman of the board Salah Nasir Al Sorayai is considered as a party of interest with regard to this agreement.