Shams Sells its Land in Riyadh

11/02/2013 Argaam

Tourism Enterprise Co. (SHAMS) sells its 2,235 m² land in Riyadh and a total value of SR 17,298,900 in 11/02/2013 ( corresponding to 1/04/1434 H). The transaction will reflect positively on the company's Q1 financial results, the company said in a filing to Tadawul.

The land’s purchase price was SR 4,234,755 which resulted in a capital gain of SR 13,064,145. The proceeds will be used in the company's investments, according to the statement.

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