Atheeb sells Riyadh real estate for SR160m

01/07/2014 06:32 AST

Etihad Atheeb has sold land and property in Riyadh for SR160 million, the fixed line telecommunications operator said.

Atheeb, which uses the brand name Go, sold a building and two plots of land to an unidentified buyer, according to a company filing to Riyadh's bourse.

These assets had a book value of SR60 million, giving Atheeb a gain of SR100 million, which will be reflected in its first-quarter results, the statement said. Atheeb's financial year starts on April 1.

The company made a net loss of SR249 million in the 12 months to March 31.


Arab News

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