Anaam signs non-binding MoU to acquire private office buildings in Jeddah for SAR 325 mln

Logo of Anaam International Holding Group Co.

Anaam International Holding Group Co. signed today, Feb. 16, a non-binding memorandum of understanding (MoU) with the owners of private office buildings in Jeddah for the possible acquisition of 100% of the building, for a total value of SAR 325 million excluding real estate tax.

The two parties agreed that upon reaching a final agreement for the potential transaction, the offer submitted by the buying party to acquire or purchase a 100% share of the partners’ properties will be paid as follows:

1) 51% of the purchase price to be paid upon signing the purchase agreement, the partners' agreement, and transferring the purchaser's percentage of the ownership of the private office building.

2) 49% to be paid by the end of December 2023 at most.

The private office project is located in one of the most vital locations in the city of Jeddah on Prince Sultan Street between Tahlia Street and Al Rawda, opposite the Saudi Airlines City, surrounded by four main streets, the company said in a bourse statement.

The MoU is valid for 90 days from the signing date subject to extension with the consent of both parties.

This acquisition aims to diversify the business of Anaam, in addition to working on taking advantage of the opportunities in the income-generating real estate sector, which is of great importance for the development of local economy and diversifying sources of income, the statement added.

The company said that no related parties are included in the deal and a financial advisor will be appointed later for the deal.

The procedures for the proposed acquisition are subject to the approval of the competent authorities and any material updates in this regard will be announced in due course, Anaam added.

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