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Banan Real Estate Company announces its acquisition of 3.5416% stake in Al-Aziza Real Estate Development and Investment Company

04/04/2023

Element List Explanation
Announcement Detail Banan Real Estate Company announces its acquisition of an additional stake in Al Azizah Company for Real Estate Development and Investment (a related party) at a rate of 3.5416% to become 46.04% on 12/23-2021 CE corresponding to 05/19/1443 AH,  The value of the stake is 8,854,000 riyals, which is 35416 shares and is financed from the company's cash flows in 2022. Note that the capital of Al-Aziza Development and Real Estate Investment Company is 10 million riyals and the number of its shares is one million shares. Banan Real Estate Company owns 425 thousand shares before the increase in the share and after the acquisition it became 460,416 shares The Board of Directors of Al-Aziza Development and Real Estate Investment Company was amended on December 23, 2021 AD as follows: Chairman of the Board of Directors Mr. Badr Suleiman Saleh Al-Haqbani Vice Chairman of the Board of Directors, Mr. Abdulmohsen Abdulaziz Saleh Al-Haqbani, Member of the Board of Directors, Mr. Ahmed Abdulaziz Saleh Al-Haqbani. Member of the Board of Directors, Mr. Khaled Suleiman Saleh Al-Haqbani. Member of the Board of Directors, Mr. Muhammad Suleiman Saleh Al-Haqbani. Member of the Board of Directors, Mr. Fahd Abdullah Abdulaziz Al-Haqbani. Member of the Board of Directors, Mr. Ahmed Abdul Rahman Abdulaziz Al-Haqbani. Financial Impact: Al-Aziza Real Estate Development and Investment Company will turn into a subsidiary of Banan Real Estate Company due to control by Banan Real Estate Company Consolidated financial statements will be prepared at the end of 2021 AD

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