BAAN says major shareholder to sell 4.98% stake to close real estate acquisition deal
09/10/2025
Argaam
Logo of BAAN Holding Group Co.
BAAN Holding Group Co. said it plans to increase its public shareholding to meet Tadawul’s minimum 30% free-float requirement ahead of completing its real estate asset acquisition through a capital increase and issuance of new shares to the sellers of real estate asset.
In a statement on Tadawul, the company said it had contacted its major non-public shareholders as one of them asked to sell his holding to one or more investors qualifying as public shareholders, to enable completion of the real estate transactions.
BAAN Holding said that Abdulmohsen Al Hokair & Sons Co. Ltd., a major shareholder owning 31.5% of the company, notified it of selling 15.7 million shares, or 4.98% of BAAN’s capital, in a privately negotiated deal on Oct. 8, 2025. The sale aims to help BAAN complete its planned real estate acquisitions while maintaining the required 30% public ownership threshold.
Accordingly, Al Hokair’s stake in BAAN declined to 26.52%.
The company said it is still working to meet the remaining conditions to complete the two real estate deals, including obtaining approvals from the Capital Market Authority (CMA) and the Saudi Exchange Co. (Tadawul).
The acquisitions remain subject to regulatory and shareholder approval.
In December 2024, BAAN signed two agreements to acquire real estate assets through a capital increase and issuance of new shares, according to Argaam data.
The first agreement was sealed with Al Oula Real Estate Development Co. (seller) and Ajdan Real Estate Development Co. (guarantor), to acquire the entire 86 residential units in the Ajdan Waterfront Tower in Al Khobar for SAR 178.5 million.
The second pact was with Abdulmohsen Alhokair Holding Group Co., to acquire six properties housing three hotels in Riyadh and Jeddah. The deal was valued at SAR 651.6 million, in exchange for new shares in BAAN’s capital.
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Capital Increase Highlights |
|
|
Current Capital |
SAR 351 mln |
|
Current Number of Shares |
351 mln |
|
Capital Increase (%) |
96.80% |
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Increase Amount |
SAR 304.97 mln |
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New Capital |
SAR 619.97 mln |
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New Number of Shares |
619.97 mln |