stc finalizes Al-Khobar land sale, gets entire value

Logo of Saudi Telecom Co. ( stc )

Saudi telecom operator stc completed today, July 10, the sale of the land plot it owns in Al-Khobar, receiving the sale value of SAR 1.37 billion in full. 

In a statement to Tadawul, stc said the relevant financial impact will appear on its consolidated financial statements in Q3 2023. 

In January, stc sold a vacant 4.10 million square meter-land plot in Al-Khobar, for SAR 1.37 billion excluding real estate transaction tax and brokerage fees, Argaam earlier reported. 

Last May, the telco received SAR 367.7 million from the land buyer under a certified check, which represented part of the land value.