Amiantit to use fair value/revaluation model for properties; expects SAR 389.7 mln surplus on net asset

28/12/2021 Argaam

Amiantit building

Saudi Arabian Amiantit Co.’s board of directors decided, on Dec. 27, to use the fair value model or the revaluation model to measure the real estate and investment properties, according to a bourse filing.

 

The relevant financial impact on the net assets will amount to a surplus of SAR 389.7 million and will appear as of April 1, 2022.

 

The company indicated that it will not generate any internal cash flows due to the use of the new accounting policy.

 

Review the auditor report attached:

Amiantit - The auditor report

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