Banan board approves 23% stake purchase in Qimam for SAR 16.3M

Banan Real Estate Co. and its subsidiary, Al-Aziza Real Estate Development and Investment Co., secured board approval to acquire stakes in Qimam Noshoz Real Estate Development Co., a simplified joint-stock company.

The transaction will be financed using a mix of the company's and subsidiary's cash flows and credit facilities available from Riyad Bank.

Banan will acquire 1.63 million shares, representing 23% of the company's capital, at SAR 10 per share, for a total of SAR 16.33 million.

Al-Aziza will purchase 1.56 million shares, accounting for 22% of the capital, at the same nominal value per share, amounting to SAR 15.62 million.

Banan stated on Tadawul that Qimam Noshoz owns land on Al-Takhassusi Road, which aligns with Banan's plans for future developments.

The shares will be acquired at book value. The company will disclose the transaction's financial and operational impact later.