Kinan International issues prospectus to float 3.6M shares on Nomu

Logo of Kinan International Real Estate Development Co.

Kinan International Real Estate Development Co. issued today, Jan. 29, its prospectus to float 3.6 million shares, or 3% of capital, on Nomu-Parallel Market.

Kinan International is 30%-owned by Savola Group.

The company obtained on Dec. 20, 2023, the Capital Market Authority’s (CMA) approval on the offering.

The share sale will run for five working days from Feb. 25-29, and it will be limited to qualified investors stipulated in the glossary of defined terms used in the CMA’s regulations and rules.

The group's main business activities include operating and leasing commercial shopping malls; and projects such as construction, development and sale of properties (land, villas and apartments), including the development of investment properties of unspecified use.

The company's activities, according to its main commercial register, are as follows: consumer commercial complexes, purchase and sale of land and real estate and their division, and off-plan sales activities, management and leasing of owned or rented residential and non-residential properties, real estate development of residential and commercial buildings using modern construction methods, real estate brokerage.