Riyadh – Mubasher:  Fawaz Abdulaziz Alhokair Company has signed a final deal with Kingdom Investment and Development Company, a subsidiary of Kingdom Holding Company, to sell its full stake in Trade Centre Company.

The transaction’s total value amounted to SAR 223.68 million, according to Alhokair’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The book value of the sold stake is SAR 94 million.

Moreover, Alhokair will issue a legal agency for the representatives of Kingdom Investment for the purpose of transferring ownership of these shares upon receipt of its net financial dues.

In 24 October, Alhokair signed a binding memorandum of understanding (MoU) with Kingdom Investment and Development Company to sell its 100% stake in Trade Center Company for cash consideration.

According to the deal, both parties agreed that Kingdom Investment will pay cash consideration for the stake after deducting all lease values of the existing shops.