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Addendum Announcement from Kingdom Holding Co. in regards to the latest developments regarding the binding agreement with Red Sea Global Company to enter into a joint venture to develop a tourist resort, to be operated by Four Seasons hotels and resorts group, on Shura Island on the west coast of the Kingdom of Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | With reference made to the announcement made by Kingdom Holding Company (referred to hereinafter as “KHC”) on 09/04/1445H (corresponding to 24/10/2023G) regarding the binding agreement with Red Sea Global Company to enter into a joint venture to develop a tourist resort, to be operated by Four Seasons hotels and resorts group, on Shura Island on the west coast of the Kingdom of Saudi Arabia (referred to hereinafter as the “Project”). KHC announces the incorporation of a newly wholly owned subsidiary named Sea Front Limited Company. KHC through Sea Front Limited Company and a subsidiary of the Red Sea Global Company, The Red Sea Investment Company II have incorporated a joint venture company named East Shura III Real Estate Company (the “JV Company”) and have executed a shareholders’ agreement dated 08/06/1445H (corresponding to 21/12/2023G) |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2023-10-24 Corresponding to 1445-04-09 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | With reference made to the announcement made by Kingdom Holding Company (referred to hereinafter as “KHC”) on 09/04/1445H (corresponding to 24/10/2023G) regarding the binding agreement with Red Sea Global Company to enter into a joint venture to develop a tourist resort, to be operated by Four Seasons hotels and resorts group, on Shura Island on the west coast of the Kingdom of Saudi Arabia (referred to hereinafter as the “Project”). KHC announces the incorporation of a newly wholly owned subsidiary named Sea Front Limited Company. KHC through Sea Front Limited Company and a subsidiary of the Red Sea Global Company, The Red Sea Investment Company II have incorporated a joint venture company named East Shura III Real Estate Company (the “JV Company”) and have executed a shareholders’ agreement dated 08/06/1445H (corresponding to 21/12/2023G) |
| Financial Impact on the change | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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