Fitaihi Announces the Sale of an Owned Unutilized Commercial Building in Riyadh for 18 Million SAR
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| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Within 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 Details | Selling an owned unutilized commercial building in Riyadh. |
| Transaction Value | 18 million SAR |
| Transaction Terms | N/A |
| Parties of the Transaction | First Party (the seller): Fitaihi Holding Group Second Party (the buyer): Mr. Tarek Bin Fahad Saad Albreedi |
| Transaction Funding Method | N/A |
| Transaction Execution Date | 2021-10-05 Corresponding to 1443-02-28 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Unutilized commercial building. |
| Asset Book Value | 8 million SAR |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | N/A |
| Transaction reasons | To 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 Operations | Achieving 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 Sale | These 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 Parties | There are no related parties involved in this transaction. |
