Riyadh Development acquires 2 properties from Remat Al-Riyadh

Logo of Riyadh Development Co.

Riyadh Development Co. announced today, Feb. 16, that ownership transfer of two real estate assets from Remat Al-Riyadh Development Co. was complete.

The developer deposited its new shares in favor of Remat Al-Riyadh and listed them on the Saudi Exchange (Tadawul) on Feb. 13.

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The transaction will have a positive financial impact upon completion of the planned projects on the real estate assets related to the deal, Riyadh Development said in a statement to Tadawul.

The transaction involved a related party, as Chairman of Riyadh Development (also the Chairman of Remat Al-Riyadh) served as representative of Riyadh Region Municipality that fully owns Remat Al-Riyadh.

According to data available on Argaam, Riyadh Development’s shareholders recently approved increasing capital by 31.58% from SAR 1.78 billion to SAR 2.34 billion, to acquire two real estate assets owned by Remat Al-Riyadh.

The total agreed value of the seller's assets is SAR 1.4 billion, excluding real estate transaction tax.