Cenomi Centres announces reason of decrease in sale amount of Raseel Al Ihsa to SAR 62.5 million

Arabian Centres Co. (Cenomi Centers) announced the decrease in the plot of land (Raseel Al-Ahsa) in the Granada neighbourhood in the city of Al-Ahsa sale value from SAR 65.5 million to SAR 62.5 million (excluding real estate transaction tax and the brokerage fees), a reduction of SAR 3 million.

This comes in reference to the land sale contract with the buyer, Mr. Abdullah bin Fahd bin Abdullah Al-Huraish Al-Tamimi, which stipulates collecting the value of the transaction within (120) days, and since the company wished to Collect 50% of the sales value of the land upon signing the contract, it provided an allowable discount to the buyer in the amount of (3) million Saudi riyals.

However, the buyer was unable to pay the advance according to the company’s wishes, and so he nominated a new buyer, Halat Real Estate Company (one person company), represented by Mr. Nahid bin Mohammed bin Hamad Al-Jabr, who fulfilled the company’s request, paid the required advance value, and signed the sales contract

This comes as an addendum to Arabian Centres Co. (“Cenomi Centers” or “the company”) announcement on 12 October 2023 regarding the sale of a land (Raseel Al Ihsa) in Granada District in Al Ahsa, which was sold at auction.