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Dubai Refreshments said that it had sold to Al-Futtaim Private LLC. The property you own in the first Al Quoz district in Dubai is worth 252 million dirhams. The property includes the site of the company’s old factory, warehouses and staff offices before moving to the current location in Dubai Investments Park 2.
According to the company’s disclosure to the Dubai Financial Market, after the market closed on Monday, June 26, the book value of the property amounts to 26.84 million dirhams, and the percentage of the property value of the company’s total assets is only 2.06%.
The company stated that in light of the fact that the company is no longer fully using the property, the shareholders decided to sell it within the conditions stipulated in the text of the decision of the General Assembly held on June 14, the most important of which is that the deal should not be less than 150 million dirhams.
The deal was completed according to the disclosure on June 23, and was executed on Monday, the 26th of it.
The full amount will be paid in cash upon completion of the ownership transfer procedures, and in the event that any party fails to fulfill its obligations, the contract is considered null and the non-compliant party is obligated to pay 10% of the contract value to the other party.
The company expected that a one-time profit would be announced upon completion of the deal, and that this would be in the results of the second quarter of 2023.
