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Arriyadh Development Co. Announces an update on Signing a memorandum of understanding with Riyadh Holding Company to establish a unified entity to develop the Deira neighborhood markets
4150
ARDCO
-0.61
%
1446/01/19 25/07/2024 15:31:13
| Element List | Explanation |
|---|---|
| Introduction | In reference to the Riyadh Development Company’s announcement of the signing of a memorandum of understanding with Riyadh Holding Company, aiming to establish a pioneering entity in the development and real estate management sector in the Deira district in central Riyadh and to enhance cooperation between the two parties through launching qualitative investment projects that raise the quality of services and achieve the aspirations of shareholders, and the memorandum was signed. On 05-21-2023 AD for one year, It was extended on 05-23-2024 for an additional 6 months. |
| Previous Announcement | Signing a memorandum of understanding with Riyadh Holding Company to establish a unified entity to develop the Deira neighborhood markets |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-05-23 Corresponding to 1445-11-15 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Riyadh Development Company is pleased to announce its intention to establish a simplified joint stock company between Riyadh Development Company and Riyadh Holding Company to develop the Deira area, so that Riyadh Development Company’s share will be 46.34% in the new entity, through an in-kind contribution to Al-Tameer Wholesale Commercial Center, whose value is estimated at (675) million Saudi riyals. This is after obtaining the necessary regulatory approvals from the relevant authorities, including the General Authority for Competition, in addition to the approval of the ordinary general assembly of each of the two companies’ shareholders, in accordance with the relevant regulatory requirements. The company will announce the completion of the deal or any other fundamental developments at the time. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
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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