SASCO inks contracts with AlJazira Cap to sell, leaseback owned sites

26/05/2022 Argaam
One of SASCO service stations

One of SASCO service stations

Saudi Automotive Services Co. (SASCO) signed sale and leaseback contracts with AlJazira Capital, pertaining to some of its owned sites, according to a bourse filing.

 

The two parties jointly established an investment fund for this purpose, and the final financial impact will be determined after the transfer of the title deeds.

 

Updates will be duly revealed, the statement added.

 

In February, SASCO board of directors agreed to sign a binding memorandum of understanding (MoU), ending June 30, 2022, with AlJazira Capital to sell 10 of its owned sites for SAR 400 million, Argaam  reported.

 

SASCO was to sell the sites to AlJazira Capital, after establishing an investment fund and getting the necessary approvals.

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