Logo of Saudi Real Estate Co. (Al Akaria)
Saudi Real Estate Co. (Al Akaria) signed an agreement, on Feb. 28, 2021, to buy the partner’s full shares in its subsidiary, Saudi Real Estate Construction Co. (Tamear) for SAR 4.3 million.
The partner, Kaya Homes for Construction, Contracting, Tourism, Trade and Industry, owns a total of 4.3 million shares in Tamear, representing 40% of the company's capital, while Al Akaria holds 6 million shares, representing 60% of the subsidiary's capital.
Upon the completion of the deal, Tamear will become 100% owned by Al Akaria, according to a bourse filing.
The agreement is conditional to the approval of the Ministry of Investment to amend the investment license, and the Ministry of Commerce to amend the company’s Articles of Association to reflect the transfer of shares from the seller to the buyer, and the shareholders’ registry amendment.
The financial impact will appear in Q2 of 2021.
Al-Akaria added that there are no related parties included in this agreement, and any other updates in this regard will be disclosed.
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