Al Othaim board recommends selling Hail shopping mall

28/12/2016 Argaam

Abdullah Al Othaim Markets Co.’s board of directors has recommended selling its SAR 361.2 million shopping mall in Hail city to Abdullah Al Othaim for Investment and Real Estate Development, the company said in a statement to Tadawul on Wednesday.

 

Since the buyer is a related party to Chairman of the Board Abdul Saleh Al Othaim and board member Fahad Abdullah Al Othaim, pre-approval will be needed from the general assembly.

 

Al Othaim said it wants to sell the shopping center so can focus more on its core businesses.

 

The mall has a gross leasable area of 61,368 square meters.

 

The price is based on the highest value among appraisals conducted by three independent real estate professionals, the company added.

 

Following the transaction, Al Othaim expects a SAR 112.1 million impact on gross capital gains in the first quarter of 2017.

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