Banan Raises Stake in Al Azizah Developments to 46%, After Acquiring Stake of 8.85 mln

Banan Real Estate Company announced on Thursday its acquisition of an additional stake in Al Azizah Company for Real Estate Development and Investment (a related party) at a rate of 3.5416% to become 46.04% on 23.12.2021.

The value of the stake is SR8, 854,000, which is 35416 shares and is financed from the company’s cash flows in 2022.

The company added that the capital of Al-Aziza Development and Real Estate Investment Company is SR10 million and the number of its shares is one million shares. Banan Real Estate Company owns 425 thousand shares before the increase in the share and after the acquisition it became 460,416 shares.

The Board of Directors of Al-Aziza Development and Real Estate Investment Company was amended on December 23, 2021 as follows:

Chairman of the Board of Directors Mr. Badr Suleiman Saleh Al-Haqbani

Vice Chairman of the Board of Directors, Mr. Abdulmohsen Abdulaziz Saleh Al-Haqbani

Member of the Board of Directors, Mr. Ahmed Abdulaziz Saleh Al-Haqbani

Member of the Board of Directors, Mr. Fahd Abdullah Abdulaziz Al-Haqbani.

Member of the Board of Directors, Mr. Ahmed Abdul Rahman Abdulaziz Al-Haqbani.

Financial Impact: Al-Aziza Real Estate Development and Investment Company will turn into a subsidiary of Banan Real Estate Company due to control by Banan Real Estate Company.

The company concluded that the consolidated financial statements will be prepared at the end of 2021.