Raydan sells 2,950 sqm of land for SAR 4.14 mln

29/09/2020 Argaam

Raydan Food Co. sold four land plots spanning 2,950 square meters (sqm) in Al Rahmaniyah region, the company said in a bourse statement.

 

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

 

Raydan recently announced selling vacant land plot to Khalid Al Ghamdi at a total value of SAR 4.14 million, inclusive of value-added tax (VAT).

 

The company will incur capital losses from the sale deal, which will be reflected on Q3 2020 financials, Argaam reported.

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