Banan subsidiary renews SAR 1.34M lease contracts with Fad Co.

02/01/2024 Argaam

Banan subsidiary renews SAR 1.34M lease contracts with Fad Co.

Logo of Banan Real Estate Co.

Banan Real Estate Co.’s subsidiary Al-Aziza Real Estate Investment and Development Co. renewed its lease contracts with Fad Co. for Mechanical and Electrical Equipment, the company said in a statement to Tadawul. 

 

The contracts cover the renewal of office and warehouse leases in Riyadh at a total value of SAR 1.34 million, including VAT, to be paid in two installments every year. The lease period extends from Jan. 1, 2024, until Dec. 31, 2025. 

 

The two-year contract is expected to have a positive financial impact on the company’s revenues and results starting from Q1 2024. 

 

Chairman Abdul Mohsen Al-Haqbani, Vice Chairman Ahmed Al-Haqbani and board member Faisal Al-Haqbani are related parties. 

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