Riyadh - Mubasher: Al Saif Stores for Development and Investment Company announced the sale of a commercial building in Riyadh, Al-Areed district, for a total value of SAR 97 million .

The company explained in a statement to "Tadawul" today, Sunday, that the building has an area of 4.15 thousand square meters, indicating that the terms of the deal include the continuation of the lease contract for the Seif Gallery branch for a period of 20 years starting from January 1, 2025 .

She added that the aim of the sale is to improve its financial performance by focusing on its core activities and developing complementary activities that support its strategy, and that it will direct the proceeds to strengthen its financial position and future directions .

She pointed out that the book value of the asset amounts to 53.8 million riyals, expecting to achieve a capital gain of 43 million riyals during the fourth quarter of 2024 .

She also pointed out that the deal includes related parties represented by the Chairman of the Board of Directors, Suleiman bin Mohammed Al Saif, stressing that she obtained two valuations of the commercial building from independent evaluators, and the highest valuation was for a total amount of 87.19 million riyals.

She stated that the Audit Committee, in its meeting held on December 28, 2024, recommended approving the highest price for the deal, totaling 97 million riyals, for a related party, and upon presenting it to the Board of Directors, it unanimously approved this deal.