Arriyadh Development Co. (ARDCO) and Sumou Holding Company have set up Tanal for Real Estate Investment and Development LLC with SAR 100,000 in capital, ARDCO said in a bourse statement Monday.

 

ARDCO owns 69.38 percent in the new firm, while Sumou Holding owns the remaining 30.62 percent – the same stakes each owns in the 3 million square meter land in Al-Thumamah, Riyadh.

 

The move aims to transfer the assets of ARDCO’s Real Estate Development Fund, which is being closed, and also to finish the remaining 5 percent in the land’s infrastructure works, the statement said.

 

As a result, ARDCO expected a financial impact to show on its Q3 2019 results.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request