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Arabian Centres Co. (Cenomi Centers) announces the sale of a land (Raseel Al Ihsa) in Granada District in Al Ahsa for SAR 70.7 million
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CENOMI CENTERS
-0.18
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1445/02/21 06/09/2023 08:26:11
| Element List | Explanation |
|---|---|
| Introduction | Arabian Centres Co. (“Cenomi Centers” or “the company”) announces that it has completed the third transaction as part of its non-core asset sale program. The 29,384.90 sqm plot, located in Granada District of Al Ahsa on Prince Miteb Road, directly adjacent to King Abdullah Road sold for around SAR 70.7 million and is the third to be sold as part of the company’s program to sell an identified portfolio of non-core assets worth around SAR 2 billion. |
| Transaction Details | Sale of a 29,384.90 sqm empty land in Granada district of Al Ahsa for SAR 2,230 per sqm, with a total price of SAR 65.5 million (excluding the Real Estate Transaction Tax and the Brokerage Fees). |
| Transaction Value | SAR 65.5 million (excluding the Real Estate Transaction Tax and the Brokerage Fees). |
| Transaction Terms | None. |
| Parties of the Transaction | Seller: Cenomi Centers. Buyer: Mr. Abdullah bin Fahd bin Abdullah Al Harish Al Tamimi |
| Transaction Execution Date | 2023-09-05 Corresponding to 1445-02-20 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Empty land. |
| Asset Book Value | Net book value of this land on the company’s financial statements amounted to SAR 22.0 million as of 30/06/2023. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable. |
| Transaction reasons | This land no longer supports Cenomi Centers’ strategic priorities of developing best-in-class lifestyle destinations. |
| Expected Impact of the Transaction on the Company and Its Operations | The company’s Income Statement will be positively affected by the capital gains, resulted from the sale transaction, amounted to SAR 43.5 million. And it is expected that this effect will be reflected during the fourth quarter of year ending 31/12/2023. |
| Details of Using The Proceeds of the Asset Sale | Strengthening the company’s financial position and reinforcing Cenomi Centers’ future growth plans. |
| Related Parties | None. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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