Saudi-based Anaam International Holding Group has announced the sale of land within its 100-million-sq-m development in Al Jouf region, located in the northwestern part of the kingdom, for SR85 million ($22.6 million). The project consists of 55 land plots.
 
The deal, which was inked with the buyer Khaled Mustafa Mohamed Monem, includes the sale of all equipment, machinery, buildings and cars.
 
Under the deal, Monem will pay SR25 million upon signing the contract, followed by SR35 million a week later and then SR15 million after a period of one month, stated Anaam International Holding in its filing to Saudi bourse Tadawul.
 
The remaining amount will be given on two instalments of SR5 million each after three months and six months from the signing date, it added.
 
The land has a asset book value of SR63.07 million, thus netting Anaam a capital gain of SR 21.93 million from the sale.
 
The Saudi group said the transaction will be reflected on its financial results for the third quarter.
 
The sales proceeds will be used to finance the company's future plans, which includes entering other sectors that contribute to maximising the return to the company's shareholders, it added.-TradeArabia News Service

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