Raydan sells vacant land at SAR 4.1 mln, incurs capital loss in Q3 2020

24/09/2020 Argaam

 

Raydan Food Co. announced selling vacant land plot, on Sept. 21, to Khalid Al Ghamdi at a total value of SAR 4.14 million, inclusive of value-added tax (VAT), the company said in a bourse statement.

 

The asset’s book value for the last three years stood at SAR 10.44 million, the statement added.

 

The deal aims to partially offset the working capital deficit, as the sale proceeds will be used to repay some of the company’s current liabilities.

 

Raydan will incur capital losses from the sale deal, which will be reflected on Q3 2020 financials.

 

The deal included no related parties or preferential terms, the statement added.

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