Saudi Telco Atheeb Sells Riyadh Real Estate For $43m

Saudi Arabia’s Etihad Atheeb has sold land and property in the Kingdom’s capital Riyadh for SAR160 million ($42.7 million), the fixed line telecommunications operator said on Monday.

Loss-making 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 SAR60 million, giving Atheeb a gain of SAR100 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 SAR249 million in the 12 months to March 31.