Oman ceramics firm sells land at loss

Al Anwar set to complete $6.5m deal for Airport Heights site in March

NEWS, Business, Al Anwar Ceramics, LAND SALES, Oman

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.

 

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