National Building sells used machinery, equipment for SAR 68.3 mln

Logo of National Building and Marketing Co.

National Building and Marketing Co. announced the sale of used machinery, equipment and scaffolding items in excess of its needs to the carriages and iron works factory for SAR 68.3 million.

The company explained, in a bourse filing today, Aug. 15, that its board of directors apologized for the delay in announcing the deal, as the sale was carried out during COVID-19 lockdown when work was halted in a number of the executive management units.

The deal will help upgrade the company's assets and develop aspects of investments, the statement said, adding it will have no direct financial impact.

Furthermore, the reinvesting the proceeds will boost the company's profit in the long run.

The sale proceeds will fund the purchase of assets and support working capital.

NBM added that a company, in which board chairman Fahad Al-Thonayan owns a 50% stake, acquired 100% of the carriages and iron works factory as a related party to the deal on a subsequent date.