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Addendum Announcement from Dar Alarkan Real Estate Development Co. in regards to strategic developments for subsidiary in Dubai
| Element List | Explanation |
|---|---|
| Introduction | Further to the company's announcements published on Tadawul website on dates 26/2/2023, 29/12/2022, and 06/11/2022 regarding strategic plans for one of its subsidiaries in Dubai |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2023-02-26 Corresponding to 1444-08-06 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Further to the announcements made on dates 26/2/2023, 29/12/2022, and 06/11/2022, the Board of Dar Al Arkan Real Estate Development Company PJSC is pleased to announce that Dar Global PLC (“Dar Global”) had direct listing on the London Stock Exchange's main market for listed securities on 28 February 2023 at 08.00 a.m. GMT. Dar Global offered 21.621.612 shares for subscription (capital increase), equivalent to 12% of the total shares, through a private placement at a price of $3.33 per share, with a total value of $72 million. |
| Financial Impact on the change | Dar Al Arkan Real Estate Development Company would like to clarify that there is no material financial impact on it and non-significant differences, if any, will be calculated in the next financial period. Dar Al-Arkan Real Estate Development Company, post listing, retains 88% of shares in Dar Global valued at $ 527.5 million (158.4 million shares at listing price of $ 3.33 per share) Dar Al Arkan’s investment in Dar Global at the time of private placement was US$ 281 million. For the private placement the Company was valued for US$ 600 million. Accordingly Dar Global issued 21.62 million of new shares for a value of US$ 72 million consisting share capital and share premium and were accounted as equity of Dar Global. After the direct listing the total shares stood at 180.02 million and the capital increase represent 12% of the total capital. The increase of capital and premium of US$72 million will be retained by Dar Global to expand its operations and grow at a faster rate and Dar Al Arkan Real Estate Development Company will continue to achieve accelerated growth rate without any fundamental change in the value of its investment. |
| Additional Information | None |
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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