Retal starts Business Park Fund liquidation, gain anticipated at SAR 45M

Retal Urban Development Co. received a notification from BLOMINVEST, the fund manager of Business Park Fund, regarding starting the procedures to liquidate the fund, by selling the project for a total value amount of SAR 470 million excluding real estate transaction tax.

In a statement to Tadawul, the company said that legal procedures associated with transaction are currently being completed.

The liquidation of the fund is expected to have a positive impact on the company’s results in 2024, with estimated investment gains of approximately SAR 45 million. The final financial impact will be subject to review by the fund manager as Retal owns18.82% of the total fund’s units, the statement added.

The expected proceeds will be used to support the company’s sustainable growth and strategic expansion, Retal noted.

Chairman of the board, Abdullah Al-Fozan, Vice Chairman, Ali Al-Fozan, and the board members, Fawzan Al-Fozan and Fahd Al-Mojil are related parties, the Saudi-listed firm further indicated.