Fitaihi Holding sells commercial building in Riyadh for SAR 18 mln

05/10/2021 Argaam

One of Fitaihi Holding Group branches

Fitaihi Holding Group sold today, Oct. 5, an owned unutilized commercial building in Riyadh to Tarek bin Fahad Albreedi, for SAR 18 million, the company said in a bourse statement.

 

The transaction resulted in a non-recurring capital gain of SAR 10 million as the property book value stood at SAR 8 million. The sale was initiated to maximize the shareholders’ equity by efficiently using the company’s assets and recourses.

 

The positive financial impact of the sale will appear in the financial results of Q4 2021, the statement added.

 

The sale proceeds will be used to further improve the shareholders’ return on equity and achieve its future directions in line with shareholders’ aspirations.

 

No related parties are included in this transaction.

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