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Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) signed today, March 4, an independent agreement with Remat Al-Riyadh Development Co. to convert part of the investment returns owed to Remat Al-Riyadh under the construction, operation, and maintenance contract for Riyadh’s outdoor billboards into Remat Al-Riyadh’s stake in Al Arabia.
The terms of the agreement are in accordance with the previously-signed investment contract, according to a statement to Tadawul today, March 4.
This agreement involves an annual deduction of SAR 200 million (10%) of the project’s annual income, whichever is greater. This is in order to allocate shares in Al Arabia to Remat Al-Riyadh on an annual basis for the entire duration of the project.
Accordingly, the minimum guaranteed annual amount will be SAR 1.32 billion, instead of SAR 1.52 billion, provided that Remat Al-Riyadh’s ownership stake in Al Arabia does not exceed 10% during the project’s period.
The agreement stipulates that if Remat Al-Riyadh reaches a 10% ownership stake in Al Arabia during the project duration, and additional payments are still due to Remat Al-Riyadh, Al Arabia will not be obligated to pay any further dues, the statement added.
Payments for these shares will be executed based on predetermined maturity dates. Meanwhile, their valuation will be determined as per the market price on each maturity date each year.
The agreement also stipulates that the implementation of this step will not restrict Al Arabia from participating in any competition or signing any contract related to doing business or securing purchases offered by Remat Al-Riyadh.
Al Arabia reiterated its commitment to embracing innovative ideas that enhance collaboration between the private and public sectors. The company aims to foster a strategic partnership that will have a positive impact on its business outcomes, benefit investors, and contribute to fortifying the Kingdom’s economy, aligning with the aspirations of the Saudi Vision 2030.
The effectiveness of the provisions and articles outlined in this agreement is subject to obtaining the requisite approvals from regulatory authorities, a process that is presently underway.
Al Arabia will promptly announce the mechanism for converting a portion of Remat Al-Riyadh’s due returns into shares in the former once determined.
According to data available on Argaam, Al Arabia signed, on Oct. 25, 2023, a construction, operation, and maintenance contract for Riyadh’s outdoor billboards with Remat Al-Riyadh, the development arm of Riyadh Municipality, which is responsible for managing the capital city’s outdoor advertising portfolio.
The contract value is liable to a revenue-sharing model, as per the previously agreed upon ratios or the minimum guarantee (SAR 1.522 billion annually, excluding VAT), whichever is higher. A 10% increase will apply to both the guaranteed annual minimum and the percentage of project income starting from the sixth year of the contract until its expiry.
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