SPM sells lands in Jeddah an Riyadh for SAR 169m

02/01/2013 Argaam

The Saudi paper manufacturing Company SPM announced today on tadawul the sale of 132,250m2 lands in Riyadh and Jeddah for SAR 169m on 4 installments as follows:

  • SAR 21m received upon signing the contract.
  • SAR 49.3m on 1/1/2014.
  • SAR 49.3m on 1/1/2015.
  • SAR 49.3m on 1/1/2016.

The SAR 169m sold lands has a book value of SAR 28.2m resulting in SAR 140.8m capital gain to be realized on 2012 financials.

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