BAAN extends final closing date for 2 real estate deals to May 1

BAAN said the extension of the final closing date comes as it continues to fulfill all conditions required to complete the transactions

BAAN Holding Group Co. agreed with AlOula Real Estate Development Co. and Ajdan Real Estate Development Co., as well as with Abdulmohsen Abdulaziz Al Hokair Holding Group Co., to extend the final closing date for two real estate deals from March 1 to May 1.

The company said in a statement to Tadawul that the extension comes as it continues to fulfill all conditions required to complete the transactions, including obtaining approval from the extraordinary general assembly.

There are no costs associated with the extension, BAAN Holding said.

The company signed two agreements in December 2024 to acquire real estate assets in exchange for issuing new shares, according to Argaam’s data.

The first agreement was with AlOula as the seller and Ajdan Real Estate as the seller’s guarantor, under which the company agreed to acquire ownership of all 86 residential units in the Ajdan Waterfront Tower project in Al Khobar.

The second agreement was with Al-Hokair Group as the seller, under which BAAN Holding agreed to acquire ownership of six properties housing three hotels in Riyadh and Jeddah, in exchange for issuing new shares to Al-Hokair Group.

The AlOula transaction was valued at SAR 178.50 million, while the Al-Hokair deal stood at SAR 651.62 million.

In December 2025, the Capital Market Authority (CMA) approved BAAN Holding’s request to increase its capital from SAR 315 million to SAR 619.97 million by issuing up to 304.97 million ordinary shares, subject to the completion of one or both transactions, to acquire a real estate asset owned by AlOula Real Estate and three real estate assets owned by Al-Hokair Group.