SRMG sells its London property for SAR 167.2 mln

22/10/2015 Argaam

Saudi Research and Marketing Group (SRMG) said that it sold a building owned by its subsidiary, Media Investment Ltd., in London for SAR 167.2 million (£28.85 million) to Covent Garden Investment SARL on Wednesday.

 

The company is expected to realize a capital gain of SAR 107 million on this deal as the building had a book value of SAR 59.5 million as of September 30, 2015, it said in a filing to the Saudi bourse, Tadawul Thursday.

 

The financial impact will be reflected on SRMG’s financial results for the fourth quarter of 2015.

 

The company, which a publishes Sharq Al Awsat newspaper and other magazines, started the deal in August 24 with the signing a preliminary agreement and receiving a down payment of five percent from the buyer, according to data compiled by Argaam.

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