Sumou Real Estate acquires 80% of Al Mahafel Trading

07/10/2021 Argaam

A building of Sumou Real Estate Co.

Sumou Real Estate Co. acquired an 80% stake in Al Mahafel Trading and Contracting Co. Ltd., according to a bourse filing.

 

Al Mahafel Trading will develop the 1.32 million square meter (sqm) land plot in Makkah region’s Asfan municipality through a 25-year lease contract to build multi-purpose market.

 

Sumou will manage the implementation of the project, the statement added.

 

The relevant financial impact will appear on the company’s financial results following the launch of the project’s operations.

 

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