Saudi Ceramic Co. plans to sell its property in the Eastern Province, spread over 5,728 square meters, to El Khereiji Co. for SAR 26 million, according to a bourse filing on Thursday.

 

Saudi Ceramics’ board member and CEO of El Khereiji, Abdulaziz bin Abdul Kareem El Khereiji, is a related party, the company said, noting the deal is subject to the general assembly’s approval.

 

The book value of the property is SAR 5.26 million.

 

The financial impact of the deal will be reflected in Q2 2020 financial results, the statement added.

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