Saudi Steel Pipe denies receiving notice on cancellation of land title deeds

The affected land plots are situated in Dammam and were purchased from a private entity in 2010

  
Riyadh - Mubasher: Saudi Steel Pipe Company (SSP) said it has not received any notices on the purported cancellation of its electronic title deeds to certain land plots.

Spanning 811,284 square meters, the affected land plots are situated in Dammam and were purchased from a private entity in 2010, according to a stock exchange statement on Sunday.

Moreover, they have a carrying value on the company’s financial statements of SAR 157.9 million, representing more than 5% of the company’s net assets.

“SSP is currently assessing the effects of the purported cancellation, its legal basis, and the available alternatives to protect its assets,” the statement concluded.

Source: Mubasher

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