KEC to Sell a Plot of Land for SAR 22.8 million

01/04/2012 Tadawul

Knowledge Economic City (KEC) announced signing an agreement to sell a plot of land, which has an area of 20,276 square meters, at a value of SAR 22.8 million to the International Medical Center (IMC).

The land is located in phase one of KEC's project in Al Madinah. IMC will establish an integrated hospital over two phases, the first phase is expected to start by the end of 2015, while the second one will come on stream by the end of 2019, the company said in a filing to Tadawul.

The company said that it is expected to make a profit of SAR 14 million from this agreement, which will be reflected in the income statement.

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