Fitaihi Announces the Sale of an Owned Unutilized Commercial Building in Riyadh for 18 Million SAR

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ELEMENT LISTEXPLANATION
IntroductionWithin the strategic plan of Fitaihi Holding Group to maximize the shareholders’ equity, through efficient usage of the Company’s assets and resources, the Group announces that on Tuesday 05-10-2021, the Company has sold out an owned unutilized commercial building in Riyadh for an amount of 18 million SAR.
Transaction DetailsSelling an owned unutilized commercial building in Riyadh.
Transaction Value18 million SAR
Transaction TermsN/A
Parties of the TransactionFirst Party (the seller): Fitaihi Holding Group

Second Party (the buyer): Mr. Tarek Bin Fahad Saad Albreedi
Transaction Funding MethodN/A
Transaction Execution Date2021-10-05 Corresponding to 1443-02-28
Description of the Business of the Asset forming the Subject Matter of the TransactionUnutilized commercial building.
Asset Book Value8 million SAR
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the TransactionN/A
Transaction reasonsTo apply the strategic plan of Fitaihi Holding Group to maximize the shareholders’ equity through efficient usage of the Company’s assets and resources.
Expected Impact of the Transaction on the Company and Its OperationsAchieving 10 million SAR of exceptional capital gains. The positive financial impact of the above-mentioned sale will appear in the financial results of Fitaihi Holding Group for the fourth quarter of the Fiscal Year 2021.
Details of Using The Proceeds of the Asset SaleThese sale proceeds will be used to further improve the return on equity in the Group and achieve its future directions in line with the aspirations of the Group’s shareholders.
Related PartiesThere are no related parties involved in this transaction.