Logo ofSaudi Automotive Services Company (SASCO)
Saudi Automotive Services Company (SASCO) announces that has received a notice of expropriation of part of the company’s station land in Arqa District in Riyadh. 
Saudi Automotive Services Co. (SASCO) received, on June 29, a notification from the Royal Commission for Riyadh City (RCRC) regarding the expropriation of a portion of its station in the Arqa district in Riyadh for public benefit, with estimated compensation for the entire expropriated portion of the station totaling SAR 25.9 million.
In a statement to Tadawul, the company explained that the expropriation comes for public benefit, specifically for the implementation of the second phase of the Riyadh Ring Road and Main Roads Project (Prince Mishaal bin Abdulaziz Road Development Project).
The company also noted that it owns two adjacent plots of land on which one fuel station is located in the Arqa District on Prince Mishaal bin Abdulaziz Road in Riyadh.
According to the company, the book value of the station to date (including the two plots) is approximately SAR 30 million. The percentage of the station’s area to be expropriated is approximately 38%.
SASCO will rehabilitate and operate the remaining part of the site in accordance with the regulations of the relevant authorities.
The company anticipates a positive financial impact on its financial statements, which will be announced upon completion of the expropriation procedures and receipt of the compensation payment.
Logo ofSaudi Automotive Services Company (SASCO)
Saudi Automotive Services Company (SASCO) announces that has received a notice of expropriation of part of the company’s station land in Arqa District in Riyadh.
Saudi Automotive Services Co. (SASCO) received, on June 29, a notification from the Royal Commission for Riyadh City (RCRC) regarding the expropriation of a portion of its station in the Arqa district in Riyadh for public benefit, with estimated compensation for the entire expropriated portion of the station totaling SAR 25.9 million.
In a statement to Tadawul, the company explained that the expropriation comes for public benefit, specifically for the implementation of the second phase of the Riyadh Ring Road and Main Roads Project (Prince Mishaal bin Abdulaziz Road Development Project).
The company also noted that it owns two adjacent plots of land on which one fuel station is located in the Arqa District on Prince Mishaal bin Abdulaziz Road in Riyadh.
According to the company, the book value of the station to date (including the two plots) is approximately SAR 30 million. The percentage of the station’s area to be expropriated is approximately 38%.
SASCO will rehabilitate and operate the remaining part of the site in accordance with the regulations of the relevant authorities.
The company anticipates a positive financial impact on its financial statements, which will be announced upon completion of the expropriation procedures and receipt of the compensation payment.
