Paper Home board recommends sale of branch, 2 land plots for SAR 29.3M

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Paper Home Co.’s board of directors recommended the sale of the company’s branch, United Industrial Refreshments Co., along with two land plots.

In a statement to Tadawul, the company indicated that the deal includes the sale of land plot No. 16 of agricultural land No. 101 dated April 6, 2021, located in the Al-Ammaria neighborhood, Diriyah, with a total area of 10,010 square meters. This land plot is sold to Chairman Yaqoub Al-Maghribi at a fair market value of SAR 7.11 million.

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Additionally, the transaction includes the sale of agricultural land No. 11, dated April 5, 2022, owned by Paper Home, with a total area of 67,419 square meters, to Al-Mughrabi at a fair market value of SAR 7 million.

The board also recommended the sale of United Industrial Refreshments Co. (commercial register No. 1011151162, dated Feb. 23, 2023), at a fair market value of SAR 15.14 million.

The deal aims at supporting the company's expansion strategy and achieving capital gains to provide resources backing the company's strategy, the statement added.

The transaction assets include Paper Home's branch, which features a factory under construction, as well as two undeveloped land plots.

The buyers are Al-Mughrabi, a related party, and United Industrial Refreshments Co.

The company will announce further developments in  this regard in due course, it also noted.