Riyadh – Mubasher: Abdullah Al Othaim Markets Company has sold a vacant land spanning 44,421 square metres in Al Riyadh city at a value of SAR 186.56 million.
The Saudi firm sold the land to its subsidiary Abdullah Al Othaim Investment Company for SAR 4,200 per square metre, according to a bourse filing.
Subject to the approval of Othaim Markets' shareholders, the transaction’s selling price will be finalised within 90 days from the date of the general assembly.
Meanwhile, the asset’s book value stands at SAR 86.62 million as per the latest reviewed interim income statements which were registered on 30 June 2022.
Othaim Markets expected SAR 93.22 million worth of gains from the sale transaction, which will be used as cash dividends to its shareholders.
Last September, the Tadawul-listed company sold a 105.66 million square metres land plot in Al Madinah to Abdullah Al Othaim Investment in exchange for SAR 211.32 million.
In the first half (H1) of 2022, Othaim Markets reported net profits worth SAR 137.94 million, an annual hike of 30.61% from SAR 105.61 million.
