Retal sells 50pc stake in prime land in Saudi Arabia for $18m
ABU DHABI, September 26, 2022
Saudi-based Retal Urban Development Company said it has reached an agreement with Maali Holding Company for the sale of its share in a land at Aziziyah district within Al Khobar for SR67.4 million ($18 million).
Sale of the company’s share is equivalent to 50% in a land located in Aziziya district of a total 44,959.7 sq m area, stated Retal in its filing to the Saudi bourse Tadawul.
The book value of pertaining deal asset according to latest reviewed interim consolidated financial statements is at SR42.5 million, it stated.
Through this sale of land to an investor in a unique real estate fund, Retal will be the main developer of the fund, which will have a positive financial impact on the company’s results through development, marketing, and sales activities, said the company in its bourse filing.
The transaction will help Retal net gains of around SR25 million, it stated, adding these proceeds will be used to fund its expansion activities.-TradeArabia News Service
