Taiba Holding announces the termination of the sale of Dar Al Kawthar Hotel

Further to the above announced on 01/06 / 1433H corresponding to 22/04/2012 on the conclusion of the holding of a contract for the sale of Dar Al Kawthar owned by Taiba Holding to the Cooperative Office for advocacy and guidance and awareness of communities in Madinah amount of 130 million and thirty million riyals paid by the buyer In installments, the last of which will be completed by the end of the current Hijri year 1433H, Taibah Holding would like to clarify to its shareholders that it received on this date on Monday 20/12/1433 H corresponding to 05/11/2012 the letter of the Cooperative Office (the buyer of the said hotel) stating that he wishes to cancel the contract due to Enabling it to provide the necessary funding for the full price Accordingly, in accordance with the terms of payment of the contract, indicating that in the case of non-compliance or delay in payment by the buyer, the said sale contract shall be deemed to have been breached as of 18/12/1433 H corresponding to 03/11/2012. Taibah Holding would like to mention that the process of canceling the contract does not result in any loss or profit to the company because of the lack of completion of the sales procedures and that what was announced previously within the above mentioned announcement on the circulation of the profits of 87 million (87) million riyals as a result of the sale Are recorded in the books of the company, as the impact of those profits would only appear if the sale is completed after the buyer to pay the full payment.