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Banan Real Estate Co. Announces an update on The signing of a Memorandum of Understanding (MoU) with Abdulaziz & Saad Al-Mojel Trading and Investment Company.
| Element List | Explanation |
|---|---|
| Introduction | Banan Real Estate Company is pleased to announce the signing of a cooperation agreement to establish a real estate fund with Artal Financial Company and Abdulaziz & Saad Al-Mojel Trading and Investment Company. |
| Previous Announcement | The signing of a Memorandum of Understanding (MoU) with Abdulaziz & Saad Al-Mojel Trading and Investment Company. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-06-11 Corresponding to 1446-12-15 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | A tripartite cooperation agreement has been signed to establish a real estate investment fund between Abdulaziz & Saad Al-Mojel Trading and Investment Company and Artal Financial Company, with Banan Real Estate Company as the third party. The agreement includes the following provisions: 1-Artal Financial Company shall be responsible for the procedures of establishing and licensing the fund with the Capital Market Authority in accordance with the applicable laws and regulations, and shall be appointed as the fund manager. 2-The fund aims to acquire the project land, located in Al-Qairawan District with an area of 7,425 square meters, and to develop it through contracting with the project developer. 3-Abdulaziz & Saad Al-Mojel Trading and Investment Company (the current landowner) shall contribute 70% of the capital contribution in kind (land), while Banan Real Estate Company shall contribute 30% of the capital contribution in cash. 4-Banan Real Estate Company shall be appointed by the fund as the main developer of the project, pursuant to a development agreement to be signed after the establishment of the fund. 5-Banan Real Estate Company shall be appointed as the exclusive developer responsible for marketing and leasing the project units. 6-Artal Financial Company shall prepare the final financial feasibility study to determine the optimal structure of the fund’s capital, including the debt ratio and investors’ capital contribution. |
| Reasons For The Delay on The Date of The Event Previously Announced | is not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | is not applicable |
| Delay consequences on the Company’s financial results | “This contract is expected to have a positive financial impact through generating revenues from the development fees included in the agreement, in addition to Banan Real Estate’s share in the fund, which will contribute to enhancing financial returns in the medium and long term.” |
| Additional Information | Any material developments related to this matter will be announced accordingly |
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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