Taiba Holding announces the signing of a contract to sell Dar Al Kawthar Hotel

On 21/05/2012, Taiba Holding signed a contract with the Cooperative Office for Propagation, Guidance and Awareness raising in Al Madinah Al Munawwarah for the sale of Dar Al Kawthar Hotel owned by Taibeh Holding located on plot No. 3025 in the layout of the central area surrounding the Prophet’s Mosque, (Arak) for an annual rent of SR 4,500,000 for a sale of 130 million thirty million riyals to be paid by the buyer in installments, the latest of which is the end of the current Hijri year 1433H. The contract provided that if the purchaser does not comply or Late repayment of Ka For the purchase price on the said date, Tiba will pay the payment within one week and the extension of this period without completing the payment by canceling the contract and refunding all payments received from the sale price to the buyer. All the obligations and rights due to Tayeb and Araak under the tenancy contract concluded between Tiba and Arak And become between the sight of you and the buyer – after receipt of good for the full price of the hotel – as of 01/01/1434 H corresponding to 15/11/2012 The sale of the Dar Al Kawthar Hotel will result in a healthy return of RO 87 million to RO 87 million (202%) compared to the cost of the purchase of the hotel land and its construction costs of SAR 43 million (SR 43 million). The effect of the sale will be mentioned after payment of the full payment of the sale amount of the hotel by the buyer and the profits referred to in the financial statements for the fourth quarter of the current fiscal year 2012, God willing.