Retal sells stake in Aziziya land for SAR 112.5 mln, expects SAR 31.9 mln profit

Logo of Retal Urban Development Co. 

Retal Urban Development Co. sold its 50% stake in a land plot in Aziziya district, Al Khobar, for SAR 112.5 million, without any preferential conditions.

In a statement to Tadawul, Retal said the total area of the land plot is 250,000 square meters (sqm).

Parties to the deal include Retal, Mohamed Bin Salmeen Al-Nahdy, and Mubarak Bin Salmeen Al-Nahdy.

The book value of the asset, according to latest reviewed interim consolidated financial statements, is SAR 80.63 million.

According to the statement, the reason for the transaction was the viable offer that serves the company's strategy, which will reflect positively on the financial results.

The deal is expected to lead to profits of SAR 31.88 million, and the proceeds will be used to finance expansion activities, the statement said.