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Othaim Markets exits unit, sells land

Othaim Markets exits unit, sells land
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A.OTHAIM MARKET
4001
-0.53% 111.80 -0.60

Riyadh – Mubasher: The ordinary general meeting (OGM) of Abdullah Al Othaim Markets Company has approved the transactions and contracts that will be concluded between the listed firm and Al Othaim Holding Company. 

Shares owned by Othaim Markets in the capital of Abdullah Al-Othaim Investment Company, which amount to 13.65 million shares, will be sold for SAR 846.53 million, without any preferential conditions, according to a stock exchange filing on Wednesday.

In a separate bourse statement, Othaim Markets said the OGM further greenlighted the transactions and contracts that will be concluded between it and Abdullah Al Othaim Investment.

Under the deal, Othaim Markets will sell land owned by it in Madinah Al-Munwarah, spanning 105.66 million square meters, for SAR 211.32 million, without any preferential conditions.

Board Chairman, Abdullah Saleh Ali Al Othaim, and board member, Abdulaziz Abdullah Saleh Al Othaim, have an indirect interest in the two transactions.

Over the first half (H1) of 2022, net profits of Othaim Markets amounted to SAR 137.94 million, a year-on-year (YoY) growth of 30.61% when compared to SAR 105.61 million.

Earnings per share (EPS) for H1-22 rose to SAR 1.53, compared to SAR 1.17 in H1-21.