Retal Urban Development Company sold the project, which had a total value of SAR470 million, to start the process of liquidating the Business Park Fund.
According to a bourse statement, the fund manager (BLOMINVEST) notified the Tadawul-listed company of the procedure.
Retal stated that it presently holds 18.82% of the total number of units in the fund and that the legal procedures related to the transaction are being completed.
With projected profits of around SAR 45 million, the fund’s liquidation is anticipated to improve the company’s performance in 2024.
Meanwhile, fund management will examine the ultimate financial impact. The anticipated profits will support Retal’s targeted development and sustainable growth.
Retal and its subsidiary Building Construction Company Limited recently signed a cooperative agreement worth SAR 349 million.
