ARTEX Announces Sale of a Building to a Subsidiary for SAR 41.3 Million

ARTEX Industrial Investment Co. signed a contract to sell a building belonging to one of its subsidiaries, the National Spinning and Weaving Company. The sale will not affect the operational activities of Lamina Limited. The sale will be for SAR 41.3 million, excluding fees and taxes, in addition to the transfer of the leased land on which it is located, as part of the company’s planned strategy.

The company confirmed in its statement on Tadawul that the book value of the asset is SAR 592,000, explaining that the reason for the deal is the implementation of its strategic plan to generate returns by optimally utilizing unused assets.

The deal is expected to have a positive impact, generating returns and cash flows of SAR 38.6 million.