Tejoori agreed, on Oct. 4, with SRG Holding Ltd pursuant to dispose of one of the two Arjan plots of land for a cash consideration of about $3.7m.
The Arjan Plots currently owned by Tejoori comprise two plots of land in Arjan, a commercial and residential property community development within Dubai Land in Dubai, United Arab Emirates.
Tejoori acquired these two Arjan Plots in December 2012 along with a third Arjan Plot.
As previously announced the third plot previously owned by Tejoori was sold by the Company on 3 May 2016 for a cash consideration of US$6.5 million.
The book value of the three Arjan Plots in Tejoori's unaudited interim accounts as at 31 December 2015 was US$13.91 million (30 June 2015: US$13.91 million).
The Arjan Plot the subject of the Disposal had a book value of US$3.06 million in Tejoori's accounts as at 31 December 2015 and had a total ground floor area of approximately 167,552 sq ft.
No development has taken place on the plots to date, and in the latest published accounts for the 12 months ended 30 June 2015, the three plots owned at that time did not contribute any revenue to Tejoori and incurred a loss on revaluation of US$2,546,358.