Taiba dissolves Dar Al Kawthar hotel sale contract

05/11/2012 Tadawul

Taiba Holding Company announced today on Tadawul the dissolution of Dar Al Kawthar Hotel sale contract signed in April with The Cooperative Office for Call an Guidance for SAR 130m.

 

The contract was dissolved upon the buyer’s request due to its inability to provide necessary funding for the entire price.

 

Taiba mentioned that this contract dissolution will not affect its financial statements as the preannounced capital gain of selling the hotel hasn’t been recorded yet.

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