Oman ceramics firm sells land at loss
Al Anwar set to complete $6.5m deal for Airport Heights site in March
Ceramics company Al Anwar Ceramic Tiles has announced the sale of a 5,000m2 site at Airport Heights in Muscat for $6.5m (OR2.5m).
The company confirmed that it is facing a loss of $1.3m on the deal as the land has a book value of $7.8m in its accounts. A downpayment of $1.3m has already been received from the buyer as a non-refundable deposit.
The deal is expected to complete in March once the remaining balance has been paid.
Al Anwar Ceramics was set up in 1998 and makes a range of ceramic wall and floor tiles from a 13.5km2 factory in Nizwa.