The Board of Directors of National Investor has decided to enter into a transaction to sell a plot of land located in Masdar City, Abu Dhabi, wholly owned by one of its subsidiaries, Fidelity Trust Mamlouk.
Al Jeon Limited – Sole Proprietorship LLC, for Reportage Prime Real Estate, for AED 14.57 million.
The company said in a statement today on the Abu Dhabi market that the book value of the property is AED 16.7 million, representing 5.4% of the company's capital, and the land area is 99.13 feet.
Some administrative fees related to the services of Abu Dhabi Municipality and Masdar City will be shared equally between the seller and the buyer.
The company expects that this sale transaction will result in a realized loss of AED 2.1 million, which is the difference between the book value and the selling price, explaining that the accounting impact of this transaction will be recognized in the consolidated financial statements for the financial year 2022.
She added that the total amount of the price of the land will be paid in conjunction with the mutual implementation of the sale and purchase agreement, which is expected to expire in the next few days.
