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![video link button](/Content/en/images/attachement-icon.jpg)
Logo of Makkah Construction and Development Co.
The parties to the deal include principal shareholder, Nader bin Hassan bin Atallah Al-Amri, First Avenue Investment Co., and Dar Al-Majed Real Estate Co.
The terms of the agreements signed with Nader Al-Amri and First Avenue include an obligation to take necessary actions to complete the initial public offering (IPO) of First Avenue and obtain the necessary approvals for issuing the related supplementary prospectus. They also include a restriction on the disposal of shares of the principal shareholder.
The transaction was financed from the company’s resources and credit facilities. It comes as a strategic step for the company’s expansion in quality projects. It will also help the company build a strategic relationship with First Avenue to achieve the company’s future growth, maximize shareholder equity, and fulfill their expectations.
The deal is expected to grow the company’s investment portfolio and build a solid relationship with a promising developer.
First Avenue, a closed joint stock company, received a green light from the Capital Market Authority (CMA) on June 5 to register and offer 16.42 million shares, or 8.01% of its share capital, on Nomu-Parallel Market. The company published a preliminary prospectus on Aug. 14.
First Avenue operates in developing commercial, residential and office properties in unique locations in Riyadh and Jeddah. It currently develops a number of projects, most notably Jadat Al-Diriyah, Business Avenue 1, Business Avenue 2, Business Avenue 3, La Perle East, La Perle West and Jadat Al-Nakhil. Its portfolio also includes projects in cooperation with leading financial instructions through establishing different real estate funds.
Post the planned IPO, Makkah Construction’s ownership in the company will decline to 27.7% from 30.13%.
Financial Statements of First Avenue |
|
Year |
Revenue (SAR mln) |
2021 |
204.92 |
2022 |
204.65 |
2023 |
237.85 |
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