Riyadh-Mubasher: Riyad Bank, the kingdom's fourth-largest lender by assets, said it has reached an initial agreement to sell a piece of land located in Al-Andalus district, Jeddah, at an approximate value of SAR 202.5 million (SAR 4,400 per square meter).
The buyer is not a related party, the bank said in a bourse statement.
Upon completing the deal, the bank will record a non-recurring capital gain of about SAR 201 million, where the book value of the land is SAR 1.4 million.
The relevant financial impact will appear in 2016, the statement added.
