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Emaar The Economic City Announces Sale industrial plot in the value of 366,766,203.12 SAR
| Element List | Explanation |
|---|---|
| Introduction | Emaar The Economic City Announces the sale of an undeveloped industrial plot to: -Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co. To develop all secondary infrastructure and create industrial logistic hub in the Special Economic Zones “SEZ”. |
| Transaction Details | Emaar The Economic City Announces the sale of an undeveloped industrial plot with: -Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co.
To develop all secondary infrastructure and create industrial logistic hub in the Special Economic Zones “SEZ”. |
| Transaction Value | 366,766,203.12 SAR |
| Transaction Terms | Payments over 2 years |
| Parties of the Transaction | Emaar the Economic City with -Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co. |
| Transaction Funding Method | Payments over 2 years |
| Transaction Execution Date | 2023-06-22 Corresponding to 1444-12-04 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Undeveloped industrial plot |
| Asset Book Value | SR 16.4 Million (Historic Cost) |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not Applicable |
| Transaction reasons | Within the company's main business. |
| Expected Impact of the Transaction on the Company and Its Operations | The company will commence recognizing revenue starting from 3rd quarter 2023, in accordance with terms and condition of contract and applicable financial reporting standards. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be directed primarily towards the development of infrastructure, operational working capital and the fulfillment of certain financial obligations. |
| Related Parties | Public Investment Fund (PIF) |
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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Last Price 10.3
Net Change 0.09 (+0.88%)
Value Traded (Sar) 1,708,417.64
Volume Traded 166,117
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