‎“STC” receives SR368 mln of the value of land owned by Al-‎Khobar

The Saudi Telecom Company “STC” announced that today, Wednesday, the buyer paid an amount of 367,708,484.32 riyals in favor of the company according to a certified check, which represents part of the value of the land sold in Al-Khobar city in Al-Murjan neighborhood, south of Al-Azizia area on King Fahd Road, with an area of 4,100,322.87 m2 square meters, at a price of 336 riyals per square meter, indicating that, at the request of the buyer, the payment of the remaining part of the land value amounting to one billion riyals was postponed for an additional period of (60) days, in order for the buyer to be able to complete the procedures for financing the purchase of the land.

The company said in a statement today on “Tadawul” that an addendum contract was signed on 10-27-1444 AH corresponding to 05-17-2023 AD, through which the buyer is obligated to pay the entire remaining payment within a maximum period of (60) days from the date of signing the addendum contract.

This comes as a reference to the announcement of the Saudi Telecom Company (STC) in the Saudi Stock Exchange (Tadawul) on 6-25-1444 AH corresponding to 1-18-2023 AD regarding the sale of a vacant land owned by STC located in the city of Al-Khobar in the Al-Murjan neighborhood South of Al-Azizia area on King Fahd Road, with an area of 4,100,322.87 square meters, at a price of 336 riyals per square meter through a public auction.