Retal sells commercial building for SAR 28M, makes SAR 500,000 profit

Logo of Retal Urban Development Co.

Retal Urban Development Co. sold a commercial building on the land located in Al-Faisalyah District, Dammam, with no preferential conditions or benefits granted, for SAR 28 million (excluding fees or taxes, if any) to Al Fozan Holding Co.

The company generated SAR 500,000 profit from the sale, as the estimated book value of the asset is SAR 27.5 million, according to a statement to Tadawul today, Jan. 2.

It added that the purpose of the deal is to focus on the ongoing development projects that have a higher return, compared with the expected return from leasing the commercial building.

The proceeds will be geared towards the company's ongoing development projects, Retal noted.

There are related parties to the deal, namely Chairman Abdullah Al-Fozan, Vice Chairman Ali Al-Fozan, board member Fozan Al-Fozan, and executive committee member Abdul Latif Al-Fozan.