Fitaihi sells unused accommodation building in Riyadh for SAR 5 mln

13/07/2021 Argaam

Fitaihi's building

Fitaihi Holding Group sold an unutilized accommodation building in Riyadh for SAR 5 million, on July 12, the firm said in a statement to Tadawul.

 

Asset book value stood at SAR 1.3 million, and the firm achieved SAR 3.7 million exceptional capital gains.

 

The move aims to apply the company’s strategic plan to maximize the shareholders' rights through effective use of assets and resources, the statement said.

 

The sale proceeds will be used to further improve the return on equity and achieve Fitaihi’s future directions, in line with the aspirations of the group's shareholders.

 

The positive financial impact of the sale will appear in the consolidated preliminary financial results of Q3 2021.

 

There are no related parties involved in the transaction.

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