Saudi Hotels sells a residential compound for SAR 100m

10/06/2014 Argaam

Saudi Hotels and Resorts Area Company (SHARACO) sold a residential compound in Al-Maazar- Riyadh for SAR 100m.

The compound consists of 73 residential units and has a net book value of SAR 85.5m; the company said in its filing to Tadawul today.

The proceeds of the deal will be used in financing the company’s projects and operations with the financial impact to be reflected on Q2-2014’s financials.

SHARACO added that the deal was made between the company and the Saudi Commission for Health Specialties with no conditions.

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