Dar Al Arkan Real Estate Development Co. (ALARKAN), the company with $1 billion of debt due in 2012, sold land to Saudi Basic Industries Corp. (SABIC) (more)
Dar Al Arkan Real Estate Development Co. (ALARKAN), the company with $1 billion of debt due in 2012, sold land to Saudi Basic Industries Corp. (SABIC) for 742 million riyals ($198 million).
Dar Al Arkan sold the land in the Shams Al Riyadh project in the kingdom's capital and the transaction will be reflected in Dar Al-Arkan's second-quarter financial results, the company said in a statement today. Saudi Basic, the world's biggest petrochemicals maker, plans to use the plot to build a residential complex for employees, it said in separate statement.
The real-estate developer, which was cut to neutral from overweight at HSBC Holdings Plc in March, has a $1 billion sukuk due in July, according to data compiled by Bloomberg. Its Islamic bonds maturing in 2015 were cut to hold from buy in March by Exotix Ltd. on concern over the company's past financing deals.
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