Banan completes acquisition of 45% of Qimam Noshoz
08:58 AM (Mecca time)
Argaam
Logo ofBanan Real Estate Co.
Logo of Banan Real Estate Co.
Banan Real Estate Co. announced the acquisition of 45% of Qimam Noshoz Real Estate Development Co., a simplified joint-stock company with SAR 71 million capital, according to a statement to
Tadawul.
Banan would acquire 1.63 million shares, representing 23% of the company's capital. Meanwhile, Banan’s subsidiary, Al-Aziza Real Estate Development and Investment Co. would purchase 1.56 million shares, accounting for 22% of the capital.
Qimam Noshoz’s board of directors was formed in the general meeting held on Jan. 9, to include Banan’s Chairman Abdul Mohsen Al-Haqbani, Banan’s CEO Majid Al-Nasser, Banan’s board member, Naif Abdullah Bin Saad Alsofyan, among others.
Qimam Noshoz is now wholly owned by Banan. The Tadawul-listed firm, together with its affiliates, controls most of Qimam Noshoz board seats.
The financial impact of consolidating Banan and Qimam Noshoz’s financial statements will appear in 2025.
According to data available on Argaam, Banan and Al-Aziza secured on Dec. 22 the board’s approval to acquire stakes in Qimam Noshoz.
Under the deal, Banan will acquire 1.63 million shares, or 23% of the company's capital, at SAR 10 per share, for a total of SAR 16.33 million. Al-Aziza will own 1.56 million shares, or 22% of the capital, at the same nominal value, amounting to SAR 15.62 million.
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