Retal starts Business Park Fund liquidation, expects gains of SAR 45M

Logo of Retal Urban Development Co. 

Retal Urban Development Co. was notified by BLOMINVEST, the manager of Business Park Fund, of starting the procedures to liquidate and sell the fund for SAR 470 million excluding the real estate transaction tax.

In a statement to Tadawul, the company said that legal formalities associated with transaction are currently being completed.

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The fund’s liquidation is expected to positively impact the company’s results in 2024, with estimated investment gains of SAR 45 million. The final financial impact will be subject to review by the fund manager as Retal owns18.82% of the total fund’s units.

The expected proceeds will be used to support the company’s sustainable growth and strategic expansion, Retal noted.

Board Chairman Abdullah Al-Fozan, Vice Chairman Ali Al-Fozan, and board members - Fawzan Al-Fozan and Fahd Al-Mojil - are related parties, the statement said.