Mubasher: Gulf Morocco Co, a fully owned subsidiary of the Gulf North Africa Holding Company, signed a contract to sell two land plots in Al Nada District in Riyadh.

The subsidiary's share from selling the asset totals SAR 2.431 million (KWD 196.688 million); this has resulted in losses worth KWD 13,380.

Gulf Morocco had a share of 75% from the selling deal, while the remaining 25% is for the Saudi partner, according to a bourse filing on Thursday.

The two plots of land span over 840 square metres and 630 square metres, respectively.

Gulf North Africa noted that the impact of the deal will reflect on the financial statements of the fiscal year ending on 31 December 2019.