GACO sells land plot for SAR 41.2M, achieves capital gain of SAR 8.5M

15/12/2024 Argaam
Logo of Al Gassim Investment Holding Co. (GACO)

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) sold a land plot it owns in the Al-Ufoq district of Buraidah for SAR 41.25 million (excluding real estate transaction tax and commission).

 

In a statement to Tadawul, GACO said the land, spanning 22,910 square meters, has a book value of SAR 32.78 million.

 

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The buyer is Fahd bin Abdulaziz Al-Rasini, with no related parties involved, the statement noted.

 

The sale aims to support GACO’s strategic plan and support its financial and investment activities, the company said, expecting the deal to boost 2024 financial results, with proceeds funding key initiatives.

 

Argaam estimates the transaction generated a capital gain of SAR 8.47 million.

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