Al-Babtain sells land plot in Riyadh for SAR 51M

Logo of Al-Babtain Power and Telecommunications Co.

Al Babtain Power and Telecommunication Co. sold a vacant land plot in Sulay, Eastern Ring Road, Riyadh, for SAR 50.82 million (VAT exclusive).

The deal covers two deeds for land spanning 30,800 square meters, said the company in a Tadawul filing today, March 31, adding that the buyer will pay the total amount in lump sum upon the transfer of the deed at the public notary.

The land sale came amid the transfer of the company’s factories to the Saudi Authority for Industrial Cities and Technology Zones’ (MODON) sites, as the land was not used for Al-Babtain's core business.

The company said the book value of the asset is SAR 3.08 million. It also indicated that the related impact of the deal will be represented in a SAR 47.74 million increase in other income, which will appear in future consolidated financial statements.

The proceeds will be used to fund the company’s current operating activities, Al-Babtain said, noting there are no related parties to the deal.