Batec Investment and Logistics Company announced the purchase of its wholly owned subsidiary (Batec Real Estate Company) raw land in Madinah with a value of 126.39 million Saudi riyals (excluding tax). Real estate transactions and quest commission).
Batek said in a statement to the Saudi market (Tadawul), today, Monday, that the land is located in the Qurayd neighborhood of Medina, with a total area of 229.8 thousand square meters; Purpose of purchase is development and resale.
And she clarified that the method of financing the deal was through credit facilities from Al-Rajhi Bank, announced on May 26, 2022, in addition to the self-resources of the Batik Investment and Logistics Company (the owner company). For Batik Real Estate Company).
According to the statement, this deal comes to support the implementation of the company's strategic and development plans by expanding in diversifying real estate investments and increasing the assets of the group's real estate portfolio, which will support its growth and harmony with the rest of the group's companies .
The expected impact of the deal on the company is a significant increase in the real estate company's assets, which will reflect positively on its growth, which will achieve the expected impact of this deal and the subsequent successive opportunities in this sector. .
