Saudi Arabia-based Anaam International Holding Group netted SR85 million ($22.6 million) from the sale of several plots of land, it has said in its filing to Saudi bourse Tadawul.
The land, consisting of 55 land plots, is located within its 100-million-sq-m development in the Al Jouf region, said the local reports.
The deal is said to have been inked with the buyer Khaled Mustafa Mohamed Monem.
It includes the sale of all equipment, machinery, buildings, and cars, said the local reports.
Under the deal, Monem is expected to pay SR25 million (around 6.67 million) upon signing the contract, followed by SR35 million (around 9.33 million) a week later and then SR15 million ($4 million) after a period of one month.
The remaining amount is expected be given on two instalments of SR5 million ($1.33 million) each after three months and six months from the signing date.
The land is said to have an asset book value of SR63.07 million ($16.8 million), thus netting Anaam a capital gain of SR21.93 million ($5.85 million) from the sale.
The Saudi group said the transaction would be reflected on its financial results for the third quarter.
The sales proceeds will reportedly be used to finance the company’s future plans, which includes entering other sectors that increase the return to the company’s shareholders.