stc gets SAR 367.7 mln of Al Khobar land value

Logo of stc

Saudi telecom major stc stated that the buyer of Al Khobar land paid today, May 17, SAR 367.7 million via a certified check, which represents part of the land value, according to a Tadawul statement.

The payment of the remaining amount, reaching SAR 1 billion, was postponed for an additional 60 days in order for the buyer to complete the purchase financing, the telco added.  

Therefore, an addendum contract was signed today, under which the buyer is obligated to pay the remaining amount within 60 days maximum from the signing date.

On January 18, stc sold a vacant land plot in Al Murjan, Al Khobar, for SAR 1.37 billion (excluding real estate transaction tax and brokerage fees), according to data available with Argaam.

The 4.1 million square-meter (sqm) land was sold at SAR 336 per sqm, through a public auction. The deal includes paying a non-refundable deposit worth SAR 10 million, as well as a SAR 1.378 billion promissory note for stc.