RIYAD BANK ANNOUNCES THE SALE OF LAND IN JEDDAH

18/01/2016 10:26 AST

Riyad Bank announces the initial agreement on 30/12/2015 to sell a piece of land owned and located in the city of Jeddah, Al-Andalus district , Al-Madina Road, at approximate value of 202.5 million Saudi Riyals , on the basis of 4,400 Saudi Riyals per square meter. The completion of the sale is linked to receiving the full value of the land and finish the transfer of the ownership procedures, noting that the buyer is not a related party of the bank.

Upon completion of the sale process, the bank will get a non-recurring capital gain of about 201 million Saudi Riyals , where the book value of the land is 1.4 million Saudi Riyals, and its impact on the financial results will appear during the year 2016. The will announce any substantive developments later.


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