Saudi Telecom Company (stc) has announced that it has successfully completed the sale of a prime plot of its land at Al Khobar city in the kingdom's Eastern Province for SR1.38 billion ($368 million). 

 

Hasan Abdulrahman Almusleh Alqahtani purchased the land plot at a price of SR336 per sq m, said stc in its filing to the Saudi bourse Tadawul.

 

The sale deal was guaranteed by a non-refundable deposit worth SR10 million and a SR1.36 billion promissory note in favour of the Tadawul-listed firm.

 

Located in Al Murjan area in South Al Aziziah district, the asset’s book value amounted to SR82 million.

 

The financial impact will appear in the consolidated financial statements for the third quarter.