Riyadh Development transfers Al-Aziziyah Market assets to subsidiary

Riyadh Development said the transfer of Al-Aziziyah market assets will have no financial impact on its financial statements.

Riyadh Development Co. (ARDCO) announced the transfer of the assets of Al-Aziziyah Wholesale Fruits and Vegetable Market to its wholly owned subsidiary, Hulul Salasil Imdad Almontajat Altazija Co. (a closed joint-stock company).

In a statement to Tadawul, the company said the move is part of its “Investing for Growth” strategy, launched in early 2023.

The strategy aims to organize and restructure operating activities, maximize total return on assets by enhancing the efficiency of asset portfolio management, and support structured expansion in the fresh produce sector and its relevant value chain, in line with the company’s transition toward a holding company structure.

ARDCO confirmed that the transaction will have no financial impact on its financial statements.