<According to a statement issued by the company on “Tadawul”, the area of the first land plot was 2703.50 square meters, and it was sold to Talouh Al Khaleej Financial Company for 264.94 million riyals (excluding taxes and fees borne by the buyer). The book value of this land is SAR 145.92 million. <The second plot, measuring 2,359.27 square meters, was sold for SAR 145.33 million (excluding taxes and fees), in a transaction between Alinmaa Tatweer Al Awwal Company Limited - a special purpose company wholly owned by Alinmaa Makkah Tatweer Al Awwal Fund, all of whose units are owned by Umm Al Qura - and Wethiq Retal Roya Haram Real Estate Fund, managed by Wethiq Capital. The book value of the second land is SAR 71.89 million. Umm Al-Qura confirmed that the proceeds of the sale will be directed to support working capital and finance current projects, adding that there are no related parties in the two transactions. The company explained that this step comes as part of its development strategy, as the buyer in each transaction intends to build a residential tower within the Masar project, which is expected to positively contribute to enhancing liquidity and achieving better financial results in the coming period.
The company said that the proceeds of the sale will be directed to support working capital and finance current projects, adding that there are no related parties.
