Riyadh-Mubasher: Qassim Agricultural Co. has signed an agreement to lease its farm project to Alwatania Poultry for SAR 4 million annually, the company said in a bourse statement Wednesday.
In addition, the lease agreement of the poultry project, announced in 2011, was extended.
Thus, the total lease value of the two projects will reach SAR 14 million annually for 25 years, starting from 1 April 2016 until 1 April 2041.
Under the agreement, the machinery and relevant equipment will be sold for SAR 25 million, to be paid in annual installments.
The deal will have a positive impact on Q2-16 financial statements, Qassim noted.
