Riyadh – Mubasher: Al Saif Stores for Development and Investment Company (Alsaif Gallery) sold a commercial building in Tabuk to Nawah Real Estate Investment Company at a value of SAR 35 million.
Built on an area of 5,816 square metres, the asset’s book value amounted to SAR 18.42 million, according to a bourse filing.
Alsaif Gallery is expected to generate SAR 16.57 million worth of gains from the transaction. Meanwhile, the firm will use the proceeds of the deal to anchor its financial position and boost its future growth line.
It is worth noting that the sale agreement was executed on 29 December 2022.
Last month, the company began the listing and trading of its shares on the Main Market of the Saudi Exchange (Tadawul).
Meanwhile, Alsaif Gallery is set to pay out SAR 35 million as cash dividends to shareholders for the third quarter (Q3) of 2022 on 12 January 2023.
