Banan Acquires 45% Capital in Qimam Noshz

Banan Real Estate Company announced on Sunday the completion of the process of owning 45% of the capital of Qimam Noshz Real Estate Development Company (its capital is SAR 71 million), indicating that it will own 23% of the capital, compared to 22% for Al-Aziziah Investment and Real Estate Development Company (its subsidiary).

It indicated in a statement on “Tadawul” that based on the total ownership percentage of 45%, and with Banan and its subsidiaries controlling the majority of the board of directors seats, Qimam Noshz is now considered a fully subsidiary of Banan.

It also announced that the Board of Directors of Qimam Noshz was formed through the General Assembly Meeting of shareholders, which came as follows:

• Abdulmohsen Abdulaziz Al-Haqbani: Chairman of the Board of Directors of Banan;

• Majid Abdullah Al-Nasser: CEO of Banan;

• Naif Abdullah Al-Sufyan: Member of the Board of Directors of Banan;

• Saad Abdul Allah Al-Hussain; and

• Mohammed Ibrahim Aba Al-Ghunaim.