Saudi Printing & Packaging Co. signed yesterday a contract to sell part of its land located in Thahban area in Jeddah, an area of "330,000 sq m" valued at SR 215.5 mln, the company said in a filing to Tadawul.
The company said the proceeds will be used to partly finance the acquisition of 100% of shares in Emirates National Factory for Plastic Industries. It added sale of the land will result in a capital gain of SAR 77 mln which will be reflected in Q4 financial results according to the statement.
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