BAAN extends to March 2 binding deals to buy real estate via capital hike

BAAN said original long-stop date was Dec. 28, 2025

BAAN Holding Group Co. announced that it has agreed to extend the long-stop date for fulfilling the conditions to acquire real estate assets through a capital increase to March 1, 2026.

In a statement on Tadawul, the company said that the extension was agreed with Al Oula Real Estate Development Co. (AlOula RED) and Ajdan Real Estate Development Co. regarding Al Oula transaction, and with Abdulmohsen Alhokair Holding Group Co. regarding the Al Hokair Holding transaction.

BAAN explained that the original long-stop date was set for one year from the signing date, falling on Dec. 28, 2025.

Both transactions remain subject to obtaining the required approvals from regulatory authorities and the company’s shareholders, the statement added, noting that any material developments will be disclosed in due course in accordance with applicable regulations.

According to data available on Argaam, BAAN signed on Dec. 29, 2024, two binding agreements to acquire real estate assets.

The first agreement is with AlOula RED, involving the acquisition of 86 residential units in the Ajdan Waterfront Tower project, Al Khobar. The consideration includes issuing new shares in the company’s capital to AlOula RED or its affiliate.

 The second agreement is with Abdulmohsen Alhokair Holding for the acquisition of six properties, with three hotels, in Riyadh and Jeddah. This deal also involves exchange of new shares issued in the company’s capital. 

AlOula RED transaction was valued at SAR 178.50 million, while Alhokair Holding transaction was valued at SAR 651.62 million.