Riyadh – Mubasher: Saudi Ceramic Company has signed an agreement on 14 July to purchase a land plot for SAR 55.9 million, excluding real estate tax.

The asset spans an area of 111,827 square metres and is located in the new industrial area in Riyadh, according to a bourse filing.

Saudi Ceramic will partially fund the transaction through a Murabaha loan that will cover 70% of the total value, while the remaining part will be allocated from self-financing sources.

The listed firm noted that the purchase price is considered lower than the average evaluation worth SAR 59.26 million obtained by Saudi Ceramic from three accredited valuation offices.