Logo ofARTEX Industrial Investment Co.
ARTEX Industrial Investment Co. signed a contract to sell a building, belonging to one of its subsidiaries, the National Spinning Co., the disposal of which will not affect the operational business of Lamina Limited, for a value of SAR 41.31 million, excluding fees and taxes, if any, and the assignment of the leased land on which it is located as part of the company’s planned strategy. 
In a statement to Tadawul, the company said that the asset’s book value is SAR 592,260, adding tht there are no preferential terms or conditions.
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According to the company, the financial statements for the last three years of the asset forming the subject matter of the transaction are as follow: In 2022, the amount is SAR 883,535, in 2023 (SAR 767,024), and in 2024 (SAR 650,515).
The transaction aims at the implementation of the company’s strategic plan and achieving returns through optimal utilization of unused assets.
The transaction is expected to have a positive impact as follows: Achieving returns and cash flows of SAR 38.70 million.
According to Argaam’s data, Artex signed, on May 7, a binding agreement worth SAR 41.31 million with Lamina Co. Ltd. to waive the lease contract of a land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Riyadh Second Industrial City, which was formerly used as a spinning factory site.
Logo ofARTEX Industrial Investment Co.
ARTEX Industrial Investment Co. signed a contract to sell a building, belonging to one of its subsidiaries, the National Spinning Co., the disposal of which will not affect the operational business of Lamina Limited, for a value of SAR 41.31 million, excluding fees and taxes, if any, and the assignment of the leased land on which it is located as part of the company’s planned strategy.
In a statement to Tadawul, the company said that the asset’s book value is SAR 592,260, adding tht there are no preferential terms or conditions.
For more news on listed companies
According to the company, the financial statements for the last three years of the asset forming the subject matter of the transaction are as follow: In 2022, the amount is SAR 883,535, in 2023 (SAR 767,024), and in 2024 (SAR 650,515).
The transaction aims at the implementation of the company’s strategic plan and achieving returns through optimal utilization of unused assets.
The transaction is expected to have a positive impact as follows: Achieving returns and cash flows of SAR 38.70 million.
According to Argaam’s data, Artex signed, on May 7, a binding agreement worth SAR 41.31 million with Lamina Co. Ltd. to waive the lease contract of a land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Riyadh Second Industrial City, which was formerly used as a spinning factory site.
