Jarir sells residential building in Madinah for SAR 1.65M

10/11/2024 Argaam
A Jarir showroom

A Jarir showroom

Jarir Marketing Co. completed the sale of a residential building located in Khazraj Al-Asfarin neighborhood in Madinah for a total amount of SAR 1.65 million, the company said in a statement to Tadawul.

 

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The building was sold to Chairman Muhammad Al Agil. It’s currently a residence for employees, spanning an area of 303.61 sqm and is not used by the company.

 

The company said that the book value of the building is SAR 1.34 million, which will result in a capital gain of SAR 313,550 that will be reflected in Q4 2024 financials.

 

The proceeds will go towards financing the company’s operations, the statement added.

 

Chairman Muhammad Al Agil is a related party.

 

Meanwhile, Jarir indicated that it obtained three valuations of the building from independent valuers, with the highest being SAR 1.56 million.

 

The audit committee held on Sept. 8, 2024, recommended the approval of the said transaction to the board of directors, which unanimously approved the transaction.

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