Supplementary Disclosure Regarding Aamal Company Sales Transaction for a Plot of Land
Doha, Qatar - September 17, 2023 - Aamal Company Q.P.S.C., Aamal Company Q.P.S.C. (Aamal), one of the region’s largest and most diversified companies, has announced today additional insights relating to the sale transaction of the Dahl Al-Hamam land, initially announced on September 13, 2023.
Based on Aamal Company's reviewed financial results for the first six months of 2023 by KPMG, the fair value of the land is recorded at QAR 100 million by the independent valuer as of 30 June 2023.
To ensure adhering to the highest transparency and compliance standards, Aamal Company hired an external evaluator, to assess the fair value of the land at the time of the transaction. The independent valuer’s report confirmed that the fair value of the land stood at QAR 100 million on 10 September 2023. The land is sold to a related party, Al Faisal Holding. Given that the carrying value of the land at the time of the transaction also amounted to QAR 100 million, this transaction incurred neither a gain nor a loss.
It's worth noting that Aamal Company originally acquired the land in March 2012 for QAR 70.6 million, but as of June 30, 2023, the registered value of the land stands at QAR 100 million.
For more information, please contact:
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Aamal Company
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Jumana Ziadan – Corporate Communications Officer (+974 55894892) |
About Aamal Company Q.P.S.C.
Aamal is one of the Gulf region’s most diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As of 12 September 2023, the Company had a market capitalisation of QAR 5.4 bn (US$ 1.48 bn).
Aamal’s operations are widely diversified and comprise 30 active business units (subsidiaries and joint ventures) with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar’s wider economic growth and development.
For further information on Aamal Company, please refer to the corporate website: www.aamal.qa
