SASCO not to complete sites sale deal with Falcom Financial for failing to reach agreement

A SASCO station

Saudi Automotive Services Co.'s (SASCO) board of directors approved today, Dec. 19, not to complete the deal signed with Falcom Financial Services to sell some of its sites to the latter, according to a bourse statement.

The decision came after the two parties failed to reach an agreement on the final version of the contracts.

SASCO added that it will continue attracting offers from other parties, noting that it seeks to continuously maximize the interests of its shareholders.

On Oct. 30, SASCO's board of directors gave the go-ahead for Falcom Financial Services’ letter, in which the latter was committed to purchasing 10 SASCO-owned sites, Argaam earlier reported.

The deal was valued at around SAR 324 million, and SASCO was to lease back these sites for 10 years.