Arabian Centres announces sale of remaining stake in Al Bawarij for SAR 40.4 mln

Arabian Centres Co. announced the sale of its entire remaining shares in Al Bawarij International for Development & Real Estate Investment Co. (Al Bawarij) for a total amount of SAR 40.4 million on Sept. 10, 2020.

The company said in a bourse statement that the financial impact of this transaction will be reflected on its Q2 financial results ending Sept. 30, 2020, adding it will not have a material impact on the company’s financial statements.

The company said this follows its indirect investments in Amlak International for Real Estate Finance (Amlak) which completed its initial public offering (IPO) in July 2020, through two of its subsidiaries, Al Makarem International for Real Estate Development Co. (3.94% post IPO), and Al Bawarij International for Development & Real Estate Investment Co. (1.97% post IPO), and after Arabian Centres Co. reclassified this investment to be under "Available for Sale Investments".

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Arabian Centres Co.’s ownership in Al Makarem International for Real Estate Development Co. is still under a lock-up period of six months following Amlak’s IPO, the statement also said.

In July, Arabian Centres Co. announced SAR 36.72 million as proceeds from the IPO of Amlak International for Real Estate Finance, ended July 5, 2020, Argaam reported.