Anaam Holding signs MoU to acquire 100% of the private office building in Jeddah for SR325

Anaam International Holding Group Company announces the signing of a non-binding memorandum of understanding with the owners of private office buildings located in Jeddah, Al-Rawda district, Prince Sultan Street, in front of the Saudi Airlines building, regarding the possible acquisition of 100% of the private office building, with a total value of the company amounting to 325,000,000 riyals excluding real estate tax.

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.

This acquisition aims to diversify the business of Anaam Holding Group, 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 the local economy and diversifying sources of income.

The two parties have 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 an amount of 325,000,000 Saudi riyals, excluding real estate disposal tax, to be paid as follows:

1- 51%of the purchase price is paid upon signing the purchase agreement and 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 of the year 2023 AD as a maximum.

There are no related parties involved

Actions to be Taken by the Company during the Memorandum’s Duration will be conducting valuation, due diligence exercise and negotiating final agreements.

The procedures for the proposed acquisition are subject to the approval of the of the competent authorities.

Any material developments regarding the Memorandum of Understanding or proposed acquisition will be announced in due course.