The official committee of the Masjid Al-Nabawi Expansion Project informed Saudi Public Transport Co. (SAPTCO) on Monday that its land plot in Al-Madina has been confiscated.
Relevant compensation is expected to reach SAR 169.9 million, and will result in capital gains amounting to SAR 119.9 million, SAPTCO said in a statement to Tadawul, Saudi Arabia’s bourse.The issue will be discussed during the coming board meeting pending a decision.
The book value of the 5,147 square meter plot of land reached SAR 50 million.
The relevant financial impact will reflect on first quarter 2015 financial statements.
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