Naqi Water Company announced signing a contract to transfer the right of rent a land that belongs to the Saudi Authority for Industrial Cities and Technology Zones in the second industrial city in Riyadh. The total amount of the contract is SAR 9,500,000. Naqi Water Company announced the signing of a contract to relinquish the lease rights of a land plot owned by the Saudi Industrial Cities and Technology Zones Authority located in the second industrial city in Riyadh, along with its assets that was acquired for building a new factory for bottled drinking water in Riyadh.

This agreement was made to relinquish the lease rights of the land due to the availability of an alternative opportunity with better advantages in terms of space and expected operational efficiency for the planned factory in Riyadh. The acquisition procedures for the lease right of the alternative land, previously announced on December 28, 2023, have been processed. The initial cost of acquiring the lease rights for the current land amounted to SAR 6,150,000, as stated in the company's announcement dated May 29, 2023.

The net value of the lease relinquishment amounts to SAR 9,500,000. The contract holds no additional cost, and the company will announce the financial impact of this contract upon completing all legal and regulatory procedures. The contract was signed with PepsiCo KSA.