Saudi Steel Pipe Co. (SSP) filed on May 4, 2021, a petition with the Ministry of Justice requesting the reinstatement of the electronic title deeds purportedly cancelled, the firm said in a statement to Tadawul.
The affected land plots, with a total area of 811,284 square meters (sqm), are located in Dammam. The plots are not part of the company’s production facility and are used as warehouse.
The book value of the affected land plots in the company’s financial statements amounts to SAR 157.9 million, which exceeds 5% of the firm’s net assets.
Saudi Steel Pipe said it has not received any notification on the purported cancellation of title deeds and continues to be in possession of the land, and, as of the date hereof, the legal basis for the purported cancellation is still unknown to the company.
Any update the status on the matter will be duly announced once any definitive decision is received.
In February, Saudi Steel Pipe announced it was not informed of the alleged cancellation of digitalized title deeds of certain land plots, Argaam reported.
The land was purchased from a private entity on Feb. 13, 2010, in accordance with a written purchase agreement.
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