Banan outlines Qimam Noshoz stake purchase

Logo of Banan Real Estate Co.

Banan Real Estate Co. announced the details of buying a 23% stake in Qimam Noshoz Real Estate Development Co., a simplified joint-stock company.

The purchase was made in collaboration with Banan’s subsidiary Al-Aziza Real Estate Development and Investment Co.

Banan announced in a statement to Tadawul that it will execute the following transactions:

Purchase 600,000 shares from shareholder Mishal Alhaqbani for SAR 6 million.

Purchase 433,000 shares from shareholder Sultan Khaled Alhaqbani for SAR 4.33 million.

Purchase 300,000 shares from Saad Abdul Aziz Ali Al Hussain Co. for SAR 3 million.

Purchase 150,000 shares from Samaya Holding Co. for SAR 1.5 million.

Purchase 150,000 shares from Mohammed Ali Al swailem Group (MASCO) for SAR 1.5 million.

Separately, Al-Aziza will purchase shares from the following shareholders:

656,000 shares from Ms. Jawaher Abdulaziz Al-Haqbani for SAR 6.56 million.

311,000 shares from Ms. Munira Abdulaziz Al-Haqbani for SAR 3.11 million.

595,000 shares from Ms. Haifa Abdulaziz Al-Haqbani for SAR 5.95 million.

According to data available on Argaam, Banan and Al-Aziza secured on Dec. 22 the board’s approval to acquire stakes in Qimam Noshoz.

For More Mergers and Acquisitions

Under the deal, Banan will acquire 1.63 million shares, or 23% of the company's capital, at SAR 10 per share, for a total of SAR 16.33 million. Al-Aziza will own 1.56 million shares, or 22% of the capital, at the same nominal value, amounting to SAR 15.62 million.