SINAD HOLDING Provides Update on Legal Proceedings to Recover SAR 202 Million after Deed Cancellation

Sinad Holding Co. announced on Wednesday the latest developments related to filing a lawsuit against a land seller north of Riyadh land demanding to return SAR 202 million to the Company as a result of cancelling the deed. Noting that the total amount collected is 2.85% of the total debt.

According to the Company’s statement on “Tadawul”, the details of the lawsuit came as follows:

1. The application was submitted to the Execution Court on May 16, 2022, where decisions were issued including stopping the defendant’s services, freezing his bank accounts, preventing him from traveling, and inquiring about his real estates and movable properties. The Execution Court also seized the shares of one of the companies owned by him at a rate of 100% and any profits or revenues that may result from it;

2. During the past period, and after the Execution Court completed some priority payment procedures according to the applicable regulations, the Company began collecting some of the due amounts, and the last amount collected until the date of this announcement and deposited in the Company’s accounts from the Execution Court amounted to 3,181,100 riyals on Jan.13, 2025, so that the total amount collected in cash so far is 5,753,364 riyals, representing 2.85% of the total debt;

3. The Company continues, through its assigned lawyer, to follow up with the Execution Court and work to follow up on what the Execution Court recently directed to implement on the above (1); and

4. The Company confirms its commitment to taking all necessary legal measures to ensure the fulfilment of its rights and the rights of its shareholders.