Riyadh – Mubasher: Tihama Education Company, a subsidiary of Tihama Advertising, Public Relations, and Marketing Company, has sold six real estate units in an administrative building in Dubai.
Executed on 11 October 2022, the transaction amounted to AED 5 million, according to a bourse filing.
The listed Tihama noted that the book value of the assets was SAR 3.22 million as of 30 September 2022.
Capital gains worth SAR 1.88 million are expected to appear in the income statements during the third quarter (Q3) of the fiscal year (FY) ending on 31 March 2023.
The proceeds of the sale transaction will be used to endorse Tihama Education’s working capital.
Meanwhile, the exit deal aligns with the company’s strategy to exit operations in the UAE and focus on the Saudi market.
Earlier this month, the listed firm received regulatory approval to increase its capital by SAR 350 million through a rights issue.
