Riyadh – Mubasher: Retal Urban Development Company sold its 50% share in a land plot spanning 250,000 square metres in Al Khobar city at a total cost of SAR 112.50 million on 28 September 2022.
Located in Aziziya district, the asset’s book value stands at SAR 80.62 million as per the latest reviewed interim financial results, according to a bourse disclosure.
Retal expected SAR 31.87 million worth of gains from the sale transaction, which will reflect positively on its income statements. The firm noted that it will use the proceeds of the deal to finance its expansion projects.
The bargain follows an agreement with Maali Holding Company, under which Retal sold its 50% equity in a land plot located in Al Khobar city to the former for SAR 67.43 million.