Riyadh – Mubasher: Arabian Centres Company (ACC) said its 95%-owned subsidiary, Riyadh Centres Company Limited (RCCL) signed a SAR 97.5 million sale contract with Borouj International Company Limited (BICL).
Under the deal, the subsidiary will sell its 25% equity stake in Aswaq Almustaqbal Company for Trading to Borouj, according to a bourse statement on Tuesday.
The 25% equity stake in Aswaq Almustaqbal, which owns Riyadh’s Panorama Mall, comprises 2,500 shares. BICL already holds the remainder of shares in Aswaq Almustaqbal.
Net book value of this investment within ACC’s financials amounted to SAR 57.2 million as of 30 September 2020, while the initial investment was SAR 42.7 million.
Noteworthy, the transaction is part of ACC’s strategy of exiting non-core investments. Its material effect is expected to reflect on ACC’s financials for the third quarter of 2021.
The deal’s proceeds will be used in financing and supporting ACC’s internal resources, the statement read.
