Al Othaim realizes SAR 97.4 mln capital gain on shopping complex sale

23/08/2017 Argaam

Abdullah Al Othaim Markets Co. has sold a shopping complex in Hail to Abdullah Al Othaim Real Estate Investment & Development Co., a related party, for SAR 361.26 million, the Saudi-listed retailer said in a bourse statement Tuesday.

 

The 61,045 square-meter complex was sold to concentrate on main activities, Al Othaim added in its statement.

 

The company realized a capital gain of SAR 97.37 million after zakat and taxes from the transaction. It will use the proceeds towards financing expansions and repaying some bank loans.

 

Capital gain may be changed when making IFRS adjustments, the company said.

 

The impact of this transaction is expected to be reflected on financials of Q3-2017.

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