MESC sells plot of land for SAR 38.4 million

02/09/2013 Tadawul

The Middle East Specialized Cables Company (MESC) announces that it sold a plot of land of area 4800 m2 located at Al-Masyaf district in Riyadh in return for SAR 38.4 million:

  1. Details of the deal: title was transferred on September 2, 2013 and sale procedures finalized.
  2. The parties: MESC, Fahd Mohammed Abdulaziz Al-Qassim, and Abdul-Elah Mohammed Fahd Al-Qassim.
  3. Description of the asset’s activity: Utilizing the piece of land for building a headquarters.
  4. Reason for the deal: Cancellation of plan to build a new headquarters on the plot.
  5. Anticipated impact on operations: Capital gain of SAR 12.3 million to be reflected in Q3 results.
 

 Use of proceeds: Early payoff of part of the long-term loan.

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