Riyadh – Mubasher: Basic Chemical Industries Company (BCI), a major player in the Saudi industrial sector, has issued a detailed addendum regarding the sale of a company-owned land parcel in Jeddah, according to a bourse filing.
The new announcement provides specifics regarding the buyer, the asset's book value, and the successful completion of the ownership transfer for the transaction that is valued at SAR 12.80 million, which is expected to significantly enhance liquidity position and will be reflected in its upcoming financial results.
BCI confirmed that the transaction was formally entered into on 11 May 2026. The purchaser of the property has been identified as Omar bin Abdulkarim bin Qasim Al Khamis.
For the financial breakdown of the asset's value, BCI reported that the book value of the land in Jeddah was SAR 820,140 given the total sale price SAR 12.80 million which has been fully received in cash.
Meanwhile, the sale price is more than fifteen times the asset's carrying value on the company’s balance sheet, a factor that is expected to provide a notable one-time boost to BCI’s net income for the relevant financial period.
The company stated that all necessary regulatory and legal procedures required for the transfer of ownership have been finalized in accordance with the prevailing laws and regulations of Saudi Arabia.
