Lamasat purchases building in Riyadh for SAR 10.7M

Logo of Lamasat Co.

Lamasat Co. purchased a residential/commercial building in the Al-Shuhada neighborhood, Riyadh, for SAR 9.94 million, in addition to other expenses of SAR 749,637 recognized by the law, according to a Tadawul statement.

The transaction will expand the company's investments through establishing a new branch, as previously announced in the offering prospectus, according to a Tadawul statement.

In addition, this investment is part of the company's strategy to expand, grow, and generate revenue for shareholders.

For more news and details on the projects

The building spans 875 square meters, the company said, adding that it will bear other expenses recognized by the law, in addition to the basic transaction value, including a brokerage fee of SAR 250,000, and the real estate transaction tax, in accordance with the regulations, at SAR 496,750.

The company will also bear SAR 1,000 in fees related to the notary public for the transfer of ownership and government fees of SAR 1,887 for the National Company for Real Estate Registration Services.

Financed through the proceeds of the offering, the deal will contribute to the growth of revenues and returns in the coming years when the project is completed and operational.

The transaction does not involve any related parties, the company said, adding that it will announce further developments in due course.

According to Argaam data, the company said in the prospectus for offering its shares on Nomu that it plans to establish a new branch in Riyadh, to be financed from the IPO proceeds. The branch would be completed within three years, starting 2024, with a total investment of SAR 8 million, representing 27% of the total proceeds.