ALDREES ANNOUNCING THE SIGNING OF CONTRACT WITH RELATED PARTY

27/12/2015 16:05 AST

Aldrees Petroleum and Transport Services Co. (ALDREES) announcing the signing of the rent contract of Al Nour Al Haditha station in Alkhobar city on 16/03/1437H, with annual rent of (SAR 400,000) contract term for (9) years renewable, as well as renew the existing contract of Al Nour Al Zahran station on the same city with annual rent of (SAR600,000) contract term for (10) years renewable. There is no special conditions in these two contracts and will show the financial impact from the 1st quarter of the year 2016 . These stations are equally owned by Seven Orbit Trading Company and Aldrees Industrial and Trading Company (ALITCO), where some members of the Board of Directors are co-owners and member of its board of directors, namely: Hamad Mohammed Aldrees, Abdulmohsen Mohammed Aldrees, Hussein Abdul Rahman Al-Athel, Eid Faleh Al-Shamri. These two stations with a great location, will achieve the desired goal of increasing sales, profits and proliferation in the region, and will obtain a higher market share It will be the approval of these contracts in the next General Assembly meeting.


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