Jarir sells building in Al-Madinah to Chairman for SAR 1.65M

Jarir Marketing Co. completed the sale of a residential building in Al-Madinah to the chairman of the board of directors, Muhammad Al Agil, for a total amount of SAR 1.65 million.

The building spans an area of 303.61 sqm located in Khazraj Al-Asfarin neighborhood and is not in use by the company.

In a statement to Tadawul, the company said that the transaction entered on Nov. 7 will result in a capital gain of SAR 313,546 that will be reflected in Q4 2024 financials.

The proceeds will go towards financing the company’s operations, the statement added.

Meanwhile, Jarir indicated that it obtained three valuations of the building from independent valuers the highest of which amounted to SAR 1.55 million.

The audit committee held on Sept. 8, 2024 recommended the approval of the said transaction to the board of directors, which unanimously approved the transaction.