|With reference to the announcement made by Seera Group Holding ("the Group") on 1443/07/01 A.H. 2022/02/02 regarding the signing of a contract with Al-Ula Development Company for the purpose of establishing a joint venture ("the Joint Company") owned by the Group at 51% and Al-Ula Development Company at 49% ("the Partners");
The Group announces the partners’ agreement to terminate the contract due to the higher costs of establishing the project than agreed and the futility of investing in the project.
In light of the above, the partners have decided to terminate all existing contracts with consultants, designers and developers and settle any existing financial claims, if any.
|Seera Group Holding announced the signing of a contract with Al-Ula Development Company for the purpose of establishing a joint venture to develop and operate a hotel in Al-Ula.
|Date of Previous Announcement on Tadawul’s Website
|2022-02-02 Corresponding to 1443-07-01
|Percentage of fulfilled achievement
|Event’s Expected Completion Date
|Reasons for Exceeding the Announced End Date
|The costs associated with the event, and if they have changed or not with indication of the reasons.
|The total amount of the partners’ contribution to the project so far is 14,000,000 Saudi riyals of which 4,686,470 Saudi riyals are incurred expenses to date and remainder will be return to each partner according to their respective shareholding percentages.
|Impact of the Delay on the Company’s Financial Results