ARDCO sells parts of Tanal scheme for SAR 249.9 mln; capital gain at SAR 81 mln

Logo of Arriyadh Development Co. (ARDCO)

Arriyadh Development Co. (ARDCO) received a letter, on March 30, from Tanal Investment and Real Estate Development Co., an associate company, stating that parts of the Tanal lands have been sold, totaling 151,468 square meters, at SAR 249.9 million, with the buyer bearing tax on real estate transactions, according to a bourse filing.

The land emptying procedures have started, the statement added, indicating that ARDCO’s share of the sale is 69.38%.

The capital gain on the sales is estimated at nearly SAR 81 million, which will appear during the first and second quarters of 2022, the statement said.