Riyadh – Mubasher: Anaam International Holding Group signed a contract to sell the land of the Al-Jouf project, which spans over an area of 100 million square metres (sqm) and consists of 55 land plots, for SAR 85 million.
The deal includes the sale of all equipment, machinery, buildings, and cars in the project to Khaled Mustafa Mohamed Monem, the company said in a bourse disclosure on Wednesday.
Under the deal, the buyers will pay SAR 25 million upon signing the contract, SAR 35 million one week later, SAR 15 million after a period of one month, and the remaining amount on two instalments of SAR 5 million each after three months and six months from the signing date.
The land has a book value of SAR 63.07 million; thus, the sale will result in a capital gain of SAR 21.93 million that will be reflected on Anaam’s financial results for the third quarter (Q3) immediately upon completing the transaction.
The proceeds from the sale will be used to finance the company's future plans, which includes entering other sectors that contribute to maximising the return to the company's shareholders.
