Today, Wednesday, Abdullah Al-Othaim Markets Company agreed to sell the land owned by the company in Madinah, with a value of about 211.3 million riyals.

According to Arabiya Net, the company said in a statement that the land owned by it is white, located in Medina, with an area of about 105.66 thousand square meters.

She added that she sold it at a price of 2000 riyals per square meter, without any preferential conditions.

Abdullah Al-Othaim Markets clarified that the completion of the deal is subject to the approval of the general assembly of the company's shareholders, and the value of the deal is paid within 90 days from the date of the assembly's approval.

She pointed out that the sale value does not include real estate tax.

The book value of the asset, subject of the transaction, according to the latest reviewed preliminary financial statements, is about 100.7 million riyals.

Abdullah Al-Othaim Markets said that it will achieve capital gains from the sale of about 107.86 million riyals after zakat. The surplus from the company's needs of these proceeds will be distributed as cash dividends to shareholders.

She attributed the reason for selling to focusing on the company's main activity and its complementary activities.

The company indicated that there are related parties, namely the Chairman of the Board of Directors Abdullah Saleh Al-Othaim and the member of the Board of Directors, Abdul Aziz Abdullah Al-Othaim.