Banan Real Estate acquires additional 3.5% stake in Al-Aziza Real Estate for SAR 8.9 mln

Logo of Banan Real Estate Co.

Banan Real Estate Co. announced today, Dec. 23, the acquisition of a 3.5416% additional stake in Al-Aziza Real Estate Development and Investment Co. (a related party), bringing its ownership to 46.04%, according to a bourse filing.

The value of the additional stake is SAR 8.85 million, which is 35,416 shares and is financed from the company's cash flows in 2022.

Al-Aziza Development and Real Estate Investment Co.’ capital stands at SAR 10 million, divided into one million shares.

Following the acquisition, Banan Real Estate Co. now owns 460,416 shares.

Al-Aziza Real Estate will convert into a subsidiary of Banan Real Estate due to control by Banan, the company said, adding the consolidated financial statements will be prepared at the end of 2021.

The company added that the board of directors of Al-Aziza Development was amended to be as follows:

1) Badr Suleiman Saleh Al-Haqbani (Chairman).

2) Abdulmohsen Abdulaziz Saleh Al-Haqbani (Vice Chairman).

3) Ahmed Abdulaziz Saleh Al-Haqbani (Member).

4) Khaled Suleiman Saleh Al-Haqbani (Member).

5) Mohammad Suleiman Saleh Al-Haqbani (Member).

6) Fahd Abdullah Abdulaziz Al-Haqbani (Member).

7) Ahmed Abdul Rahman Abdulaziz Al-Haqbani (Member).

For More M&As