Addendum announcement from Osool & Bakheet Investment Company regarding the signing MOU with Al-Roqi National Schools Company for the purpose of developing built to suite Education Property
Monday, November 02, 2020 at 8:52 AM
1442/03/16 Mon Nov 2, 2020 08:00:52
ELEMENT LIST EXPLANATION
Date of the Previous Announcement 2020-05-20 Corresponding to 1441-09-27
URL of the Previous Announcement Click Here
Change Details Further to the announcement of Osool & Bakheet Investment Company published on 27/09/1441H corresponding to 20/05/2020, related to the extension of memorandum of Understanding with Al-Roqi National Schools Company for the purpose of developing and build ROQI national school in south Riyadh at Zahra district. The school will be constructed on built to suit concept on a land area of 7000 meters (seven thousand square meters), in return for that, the tenant will lease the entire complex (the land and the building) for a period of 26 years, the MOU to be expired on 31/10/2020.
Osool & Bakheet Investment Co would like to notify that the memorandum has expired without renewal, with the two parties agreeing to keep communication available regarding any future agreement upon the readiness of the educational company and after the completion of the issuance of the statutory licenses and with new contractual terms appropriate for both parties.
The Impact Caused by the Change It is worth noting that there are no related parties or any financial impact mentioned following the end of the memorandum of understanding.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.