Arabian Centres sends letter to cancel Supreme Court decision on Riyadh land title deed

Arabian Centres building

Arabian Centres Co.’s (ACC) Chairman informed the board, in the meeting held on Sept. 8, about the title deed cancelation of the owned land located on King Khalid Road, Al-Raed district, Riyadh, the company said in a bourse filing today, Nov. 16.

After that, the board chairman sent a letter to the Saudi King on Sept. 20, soliciting the cancelation of the Supreme Court decision. The external auditors were informed about this development during the audit process for the second quarter ended Sept. 30, 2021.

No financial impact was recorded until the issuance of Q2 FY2021/22 financial statements.

Arabian Centres is continuing its development works on the land as it did not receive any formal notification to stop, as the problem is related to the main title deed of the first land owner.

According to data compiled by Argaam, ACC recently announced that the title deed of the land located on King Khalid Road, in Riyadh, has been canceled by a court decision.