GGICO to sell Um Al Nahd plot for AED 60 mln [Mubasher (Saudi Arabia)]
(Mubasher (Saudi Arabia) Via Acquire Media NewsEdge) In its statement to the Dubai Financial Market (DFM), the Board of
Directors of Gulf General Investment Co. (GGICO) has approved the sale of
a plot of land in Um Al Nahed region to Grand Hills LLC for AED 60
million, after reviewing three bids from three different potential buyers
and selecting the best offer.
The transaction took place on March
21, 2013. Accordingly, GGICO's profit share as a result of this sale was
AED three million and was reflected in GGICO's books in Q4-13.
is worth noting, the statement said, that Grand Hills is owned by Al Soor
General Trading LLC and is therefore not a subsidiary or related party of
Moreover, GGICO had entered into a deal to sell its
shares representing 50% of capital in Gulf Engineering Services (GES) to
Sigma Engineering for a total of AED 7.5 million, the Company's statement
to DFM noted, adding that GGICO's management has word hard for a six-month
period to find a serious buyer at a preferred price but failed. Therefore,
GGICO began negotiating with Sigma Engineering, as it was engaged in the
same business activity, to merge with or acquire a stake in GES.
showed an interest and bought 50% of GES for a total of AED 7.5 million.
profit from this transaction amounted to AED five million, the statement
added, highlighting that the transaction was recorded in the Company's
books of Q4-13.
It is worth noting that Sigma Engineering is a
related party, in which IGPL owns 71% and owns 50% of GGICO.;
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