Tihama's subsidiary sells 6 real estate units in Dubai for SAR 5.1 mln

11/10/2022 Argaam
Logo ofTihama Advertising and Public Relations Co.

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced that its subsidiary Tihama Education Co. sold today, Oct. 11, six real estate units in Dubai, UAE, for AED 5 million (SAR 5.12 million), without any preferential terms, according to a bourse statement.

 

The book value of the real estate units under the deal as of Sept. 30, 2022, stood at SAR 3.23 million.

 

The parties to the transaction are as seller Tihama Education Co. and as buyers Muhammad Sami Khan, RapidData Technologies, and Arshad Abdulsattar Malik.

 

The deal was done following reasonable offers, as the company’s strategy is to exit operations in the UAE and focus on the Kingdom.

 

Tihama expects to record a capital gain of SAR 1.88 million during the third quarter of the fiscal year ending March 31, 2023.

 

The proceeds will be used to support the working capital of the subsidiary.

 

There are no related parties, the statement noted.

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