Sumou says land plots sold at Tanal scheme for SAR 249.9 mln

31/03/2022 Argaam

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. (SRE) received a letter, on March 30, from Tanal Investment and Real Estate Development Co., an associate company, stating that parts of the Tanal lands, totaling 151,468 square meters in Riyadh, have been sold for SAR 249.9 million, according to a bourse filing.

 

The land emptying procedures have started, the statement added, indicating that the sale will result in a positive financial impact, which will appear during the H1 2022.

 

According to data compiled by Argaam, Sumou Real Estate holds a 10% stake in Tanal Investment and Real Estate Development.

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