Arab Sea shareholders OK SAR 59M office tower purchase from board member

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co.’s shareholders approved transactions and contracts to be conducted between the company and board members, Muhammad Al-Suhaibani (direct interest), and Haitham Al-Suhaibani (indirect interest), during the ordinal general meeting (OGM) held on June 26, a statement said to Tadawul.

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These transactions encompass the acquisition of an office tower valued at SAR 59 million, excluding real estate transaction tax, to serve as the headquarters for the company and its subsidiaries.

The tower, which has 23 floors with a total area of 6,510 square meters, is located in the northern part of Riyadh in the Al Sahafa district.

The asset value will be paid over a period of 10 calendar years in equal annual installments, in accordance with prevailing regulatory terms and conditions without any preferential terms.

According to data available on Argaam, Arab Sea’s board of directors initially recommended, on June 4, the purchase of an office tower owned by board member Muhammad Al-Suhaibani to serve as headquarters for the company and its subsidiaries.