Alandalus sells entire stake in Manafea Alandalus, receives payments

Alandalus headquarters

Alandalus Property Co. completed the sale and transfer of its entire shares in Manafea Alandalus for Real Estate Development Co., to the Saudi Tourism Development Co. (STDC), according to a statement to Tadawul.

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Alandalus completed the relevant procedures with the full ownership transfer. All payments were received, and the handover process was fully finalized.

Alandalus signed, on Feb. 27, a contract to sell its entire stake of 3,500 cash shares (70% of capital) in its subsidiary Manafea Alandalus to STDC for SAR 15 million.

STDC already owns the remaining shareholding in Manafea Alandalus.