SASCO sells subsidiary-owned land in Jeddah for SAR 44.5M

Saudi Automotive Services Co. (SASCO) signed an agreement to sell a land plot owned by its subsidiary, NAFT Services Company (NAFT), for a total value of SAR 44.5 million, excluding real estate transaction tax and brokerage commission.

In a statement to Tadawul, the company said the 2,148.2-square-meter plot is located on King Abdulaziz Road in Al Nahda district, Jeddah, and includes a fuel station.

Under the agreement, the buyer, Bayat Real Estate Co., will pay SAR 4.45 million upon signing, with the remaining balance due within 30 days of the signing date.

SASCO said the land had a book value of SAR 43.95 million as of June 30, 2026.

The transaction is in line with SASCO’s plan to sell a number of real estate assets owned by the company and its subsidiaries as part of its strategy to enhance liquidity and strengthen its financial position, the statement added.

SASCO expects the transaction to have a positive financial impact, which will be reflected in its financial results for Q3 2026.

The company added that the sale proceeds will be used to implement its strategic plan, support its financial and investment activities, and achieve its real estate portfolio restructuring objectives.