STC sells vacant land in Al-Khobar and expects a positive impact of 1.29 billion riyals
The Saudi Telecom Company “STC” announced the sale of the land owned by it, located in the city of Al-Khobar, at a value of 1.378 billion riyals (not including the real estate transaction tax and the seeking commission).
And the company stated in a statement on “Saudi Tadawul”, today, Wednesday, that the land is a “space land” owned by it, located in the city of Khobar in the Al-Murjan neighborhood, south of the Aziziyah region on King Fahd Road, with an area of 4.1 million square meters, at a price of 336 riyals per square meter. The one through public auction.
She added that among the conditions of the deal is the payment of a non-refundable deposit of 10 million riyals in favor of the Saudi Telecom Company, and the issuance of a promissory note in the amount of 1.368 billion riyals in the name of the Saudi Telecom Company.
She indicated that the sale was made in favor of Hassan Abdul Rahman Al-Musleh Al-Qahtani, indicating that the book value of the land amounts to 82 million riyals.
And it expected that the initial consolidated statement of profit or loss would be positively affected by approximately 1.296 billion riyals, upon completion of all sale procedures, which are expected to take place within 120 days from the date of concluding the deal corresponding to January 17, 2023.
The company stated that, in line with its strategy related to maximizing the return on assets, and optimal capital circulation with the aim of enhancing its ability to invest in new areas, “STC” has adopted a strategy for its owned lands, which revolves around four basic pillars that include selling, leasing, and development. , and keep.
And it indicated that the amount collected from this deal will be used to support STC in achieving its growth and expansion strategy, and maximizing the total return for shareholders, by increasing and diversifying investments and seizing the expected growth opportunities in the communications and information technology sectors in the Kingdom and the region.
She pointed out that any material developments will be announced at a later time.
