Anaam amends value of third payment for Al-Jouf project land

Logo of Anaam International Holding Group

Anaam International Holding Group announced that, due to the change that occurred in some of the main terms of the sale of Al Jouf project land, it was agreed to amend the amount of the third payment amounting to SAR 15 million.

In return for this payment, the buyer will obtain a hotel in the Al-Jouf region with a value of SAR 16.5 million, the company said in a bourse statement.

The remaining payments amounting to SAR 10 million (at SAR 5 million for each payment) will be adjusted to become SAR 8.5 million, at SAR 4.25 million per payment, to be paid by the end of January 2022.

The financial impact of the procedure and any material developments will be announced later.

The company signed, on Sept. 29, a contract to sell the lands of the Al-Jouf project to Khaled Mustafa Mohamed Monem for an amount of SAR 85 million, according to Argaam's data.

The land, which has an area of 100 million square meters, consists of 55 plots of land, as well as all equipment, machinery, buildings and cars in the Al-Jouf project.