Logo of Retal Urban Development Co.
Retal Urban Development Co. sold on Sept. 25 its 50% stake in a land located in Aziziya district, Al Khobar city for SAR 67.44 million to Maali Holding Co., without any preferential conditions.
|
Transaction Details |
|
|
Deal |
Sale of Retal’s 50% stake in a land located in Aziziya district, Al Khobar |
|
Land Area |
44,960 square meters |
|
Value |
SAR 67.44 mln |
|
Parties |
Retal Urban Development and Maali Holding |
|
Asset Book Value |
SAR 42.49 mln |
|
Expected Impact |
Gains of nearly SAR 24.95 mln |
In a statement to Tadawul, Retal said the sale was made to an investor in a unique real estate fund, where Retal will be the main developer of the fund. This will have a positive financial impact on the company’s results through development, marketing, and sales.
The proceeds will be used to finance the company’s expansion plans.
There is an indirect interest for Board Chairman Abdullah Abdul Latif Al Fozan and Vice-Chairman Ali Abdul Latif Al Fozan in Maali Holding.
Comments
{{DisplayName}}
{{ElapsedTime}}