Riyadh – Mubasher: Fitaihi Holding Group has sold an unutilised residential building in Riyadh for SAR 5 million on 12 July, according to a bourse filing on Tuesday.

The asset book value for the transaction stood at SAR 1.3 million, while the group is expected to achieve exceptional capital gains worth SAR 3.7 million from selling the property.

Fitaihi Holding noted that the financial impact of the transaction will reflect on the consolidated income statements of the third quarter (Q3) of 2021.

Sale proceeds meanwhile will be used to improve the return on equity and achieve the group’s future plans.

Earlier this month, the shareholders of the group approved the board’s recommendation to reduce the capital by 50% or SAR 275 million.