Taiba Holding announces the receipt of the amount of compensation for the plot No. 5061 in the central region of Medina

Further to the previously announced on 26/8 / 1432H corresponding to 27/7/2011 and dated 29/8 / 1432H corresponding to 30/7/2011 AD on the start of the good completion of the procedures for obtaining compensation for the plot of land No. (5061) owned within the central area of ​​the city Al-Munawwarah and what has been mentioned regarding the financial impact of this and its impact on the financial statements of Taibah, he is pleased to announce the following: Receipt of the Holding Company on Sunday 21/9/2011 corresponding to 21/8/2011 for the amount of compensation due for that piece of (106,771,080) riyals one hundred and six million seven hundred and seventy-two thousand eighty eight riyals. The estimated value of the land plot No. 5061 does not represent its fair value at the time of the valuation as a result of its deregistration, which Taeiba had previously feared during the presentation of the risk report in the Board of Directors ’20th report for 2009 and the Board of Directors’ Taiba faces the risk of estimating its properties, which was issued for expropriation in favor of enlarging the yards of the Prophet’s Mosque, for fear of underestimating its value below market value, pointing out that a good deed was already sold for an amount of 150 million riyals during the fiscal year 2009, The decision to remove them prevented them Qayq – where it was sold for two hundred million riyals – which missed the opportunity to benefit from that amount, Taiba decided to object to the value of the estimate of that land by resorting according to the regulations to the Administrative Court and assigning her lawyers to do so.