Enma Alrawabi Company announces the sale of a commercial building in Al-Sahafa district for 61,250,000 Saudi Riyals (excluding real estate transfer tax).
05/06/2024
| EXPLANATION | |
| Asset Sale. | Subject of the Announcement |
| Commercial Property. | Asset Type |
| 61,250,000 Saudi Riyals. | Transaction Value |
| Enma Alrawabi Company announces the sale of a commercial building in Al-Sahafa district for 61,250,000 Saudi Riyals (excluding real estate transfer tax). | Announcement Title |
| Enma Alrawabi Company announces the sale of a commercial building in Al-Sahafa district in Riyadh. | Introduction |
| Commercial building on the commercial strip in Al-Sahafa district in Riyadh with an area of 2,500 square meters. | Transaction Details |
| 61,250,000 Saudi Riyals. | Transaction Value |
| Not available. | Transaction Terms |
|
Parties of the Transaction |
| Not applicable. | Transaction Funding Method |
| 27/10/1445 AH corresponding to 06/05/2024 AD | Transaction Execution Date |
| Commercial building on the commercial strip in Al-Sahafa district in Riyadh with an area of 2,500 square meters. | Description of the Business of the Asset forming the Subject Matter of the Transaction |
| 40,312,500 Saudi Riyals. | Asset Book Value |
| The property subject to the transaction was leased to Saudi Post under an annual contract with a total value of 1,200,000 Saudi Riyals. It was purchased on 08/03/2023 AD, and Enma Alrawabi Company’s share of the rent for the building was collected with a value of 1,000,000 Saudi Riyals. | Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction |
| Early exit with high and fast capital gains. | Transaction reasons |
| The deal is expected to have a positive impact on the company's financial results after the completion of the evacuation process by achieving capital gains estimated at 20,937,500 Saudi Riyals, representing 51.94% of the cost of purchasing the property. | Expected Impact of the Transaction on the Company and Its Operations |
| Strengthening the company's financial position and promoting future growth plans. | Details of the Use of the Proceeds from the Sale of the Asset |
| No related parties involved in the transaction. | Related Parties |