Saudi Cable sells residential villa in Turkey for SAR 40.9 mln, expects SAR 5.5 mln profit

19/07/2022 Argaam
Logo ofSaudi Cable Co.

Logo of Saudi Cable Co. 

Saudi Cable Co. announced, in a bourse filing, that its fully-owned subsidiary, Gozo Gayrimenkul Anonim Sirketi, signed an agreement, on March 14, to sell a residential villa in Turkey for SAR 40.9 million.

 

The asset book value reaches SAR 35.4 million, the cable producer said, noting that the deal aims to generate liquidity from assets that are not directly linked to core operations

 

The Tadawul-listed firm expects the sale to generate earnings of SAR 5.5 million, adding that the relevant proceeds will be primarily directed towards enhancing operational working capital.

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