Tihama signs deal to acquire Diamond Real Estate for SAR 90.7M

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. signed, on July 30, an agreement with Osama Abdulaziz Al Tawala Law Firm and Legal Consultants to acquire Dan Diamond Real Estate Development and Investment. The deal is valued at SAR 90.72 million.

Dan owns an 181,440 square meter land plot in Al Kharj City, Alkhaldiya district, that is to be developed for commercial and residential purposes, Tihama said in a Tadawul statement.

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The transaction will be financed through the company's own resources, bank facility, or investment partnerships with real estate development funds.

The completion of the transaction will be subject to fulfilling all contractual conditions and obtaining the necessary regulatory approvals in Saudi Arabia.

The deal does not involve related parties, the statement said.

Under the 60-day agreement, Tihama has the right to conduct all necessary checks on Dan, its documents, and the validity of the company's assets.

During this period, Tihama also has the right to withdraw from the agreement and terminate the acquisition contract without any legal or financial consequences.

Dan shareholders have no right to recourse against Tihama in any way.

During the option period, the contracting party has no right to withdraw from the agreement or dispose of the company's shares in any way.

The contracting party is also obligated to return the deposit amounting to SAR 5 million if the company withdraws from the agreement within 60 days from the signing date.