Alandalus sells entire stake in Manafea Alandalus for SAR 15M

Alandalus headquarters

Alandalus Property Co. signed, today Feb. 27, a contract to sell its entire stake of 3,500 cash shares in its subsidiary Manafea Alandalus for Real Estate Development Co., representing 70% of the latter’s capital, to Saudi Tourism Development Co. (STDC), according to a Tadawul filing.

STDC already owns the remaining shareholding in Manafea Alandalus.

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Under the contract, STDC will pay three equal installments of SAR 5 million each in exchange for the new stake in Manafea Alandalus.

The first installment is due upon signing contract, the second is payable upon the transfer of shares and amendment of Manafea Alandalus’ Articles of Association, and the last one will be settled upon filing the latest financial statements on Qawaem platform and their ratification, before the completion of the handover process to the company’s management.

The financial impact of this transaction will appear in the company's financial statements starting from the first quarter of 2025, Alandalus said.

Manafea Alandalus is engaged in the management, operation, and leasing of commercial centers and malls. As of Dec. 31, 2023, its book value stood at SAR 17.38 million.

The following table shows Manafea Alandalus’ net profit (loss) for the last three years:

This deal, which included no related parties, is in line with Alandalus’ strategy to maximize returns for its shareholders and enhance financial efficiency.

Proceeds from this transaction will be used to finance the company's ongoing and future projects, Alandalus noted.