Enma Alrawabi Company announces the sale of a commercial building in Al-Sahafa district for 61,250,000 Saudi Riyals (excluding real estate transfer tax).

06 May 2024 03:33 PM

ENMA ALRAWABI 9521 0.00% 18.50 0.00

Element List	Explanation
Introduction	Enma Alrawabi Company announces the sale of a commercial building in Al-Sahafa district in Riyadh.
Transaction Details	Commercial building on the commercial strip in Al-Sahafa district in Riyadh with an area of 2,500 square meters.
Transaction Value	61,250,000 Saudi Riyals.
Transaction Terms	Not available.
Parties of the Transaction	1- First Party (Seller) Enma Alrawabi Company 2- Second Party (Buyer) Al Mahmal Investment Company.
Transaction Funding Method	Not applicable.
Transaction Execution Date	2024-05-06 Corresponding to 1445-10-27
Description of the Business of the Asset forming the Subject Matter of the Transaction	Commercial building on the commercial strip in Al-Sahafa district in Riyadh with an area of 2,500 square meters.
Asset Book Value	40,312,500 Saudi Riyals.
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction	The property subject to the transaction was leased to Saudi Post under an annual contract with a total value of 1,200,000 Saudi Riyals. It was purchased on 07/03/2023 AD, and Enma Alrawabi Company’s share of the rent for the building was collected with a value of 1,000,000 Saudi Riyals.
Transaction reasons	Early exit with high and fast capital gains.
Expected Impact of the Transaction on the Company and Its Operations	The deal is expected to have a positive impact on the company's financial results after the completion of the evacuation process by achieving capital gains estimated at 20,937,500 Saudi Riyals, representing 51.94% of the cost of purchasing the property.
Details of Using The Proceeds of the Asset Sale	Strengthening the company's financial position and promoting future growth plans.
Related Parties	No related parties involved in the transaction.

Comments