Thimar Development Holding Company announces the sale of a property owned by it for a value of 8,299,200 Saudi riyals
| Element List | Explanation |
|---|---|
| Introduction | Thimar Development Holding Company announces the completion of the sale of the property owned by it, located in the industrial First District of Riyadh, with an area of 4,982 square meters, with a total value of 8,299,200 Saudi riyals (including real estate transaction tax). This action comes after the current management during the past period offered the property for investment in several ways, including searching for investors to rent it or enter it as a partnership with a share in kind in order to maximize the return from the real estate asset. Due to the lack of suitable investment opportunities to achieve the desired return, the company decided to sell the property and invest its value to better serve the company |
| Transaction Details | The sale of a property by auction has been completed, which is a land located in the industrial First District of Riyadh, with an area of 4,982 square meters, built on a number of old hangars |
| Transaction Amount | 8,299,200 Saudi riyals |
| Transaction Conditions | There are no any preferential conditions or benefits |
| Parties of the Transaction | Seller: thimar Development Holding Company
Buyer: Masaken Al Reef real estate development company |
| Transaction Financing Method | Not applicable |
| Date of Entering Into The Transaction | 2025-10-07 Corresponding to 1447-04-15 |
| Description of Activity of The Asset Subject of The Transaction | A plot of land on which an old unused hangar is built |
| Asset Book Value | 7,099,268 Saudi riyals on 30-9-2025 |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | The reason for the completion of the transaction is due to the fact that the sold property has not been used for several years, and the current management has made strenuous efforts over the past two years to invest the company's assets and maximize their utilization, by following various marketing methods, including posting ads on the property, and direct communication with investors. However, these efforts did not result in an appropriate investment opportunity that would achieve an appropriate return, and accordingly, the management considered that the sale of the property represents the most appropriate and most feasible option, because of its positive impact on strengthening the company's financial position and supporting its ability to implement its strategic plans and commitments |
| Expected Impact of the Transaction on the Company and Its Operations | The transaction is expected to have a positive impact on the company's financial results during the fourth quarter of 2025 |
| Details of Using The Proceeds of the Asset Sale | Implement its strategic plans, repay its obligations and complete the implementation of the financial regulation plan |
| Related Parties | There is no |
| Additional Information | This property represents approximately 7.5% of the total value of the company's assets according to the annual lists December 2024 |
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