Al Mohafaza for Education buys land from related party for SAR 3.4M

Logo of Al Mohafaza Company for Education

Al Mohafaza Company for Education purchased a 1,596-square-meter plot of land from Vice Chairman Salah Al-Muhaimid (a related party) for SAR 3.43 million, excluding real estate transaction tax, which the company will pay according to regulations.

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In a statement to Tadawul, Al Mohafaza said that the land, located in Hafr Al-Batin, already has existing buildings. The company has funded the acquisition entirely through its own resources.

The company explained that the purpose of the deal is to develop the property into an income-generating asset, anticipating that it will increase the company's asset value, expand its operations, and boost revenues.

The deal was finalized through an online public auction, where Al Mohafaza was awarded the bid, according to the statement.