Alandalus Property Co. signed, today Feb. 27, a contract to sell its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary Manafea Alandalus for Real Estate Development Co. to Saudi Tourism Development Co., the partner and the owner of the remaining shares in the company.
Under the contract, the payment will be made in three equal installments of SAR 5 million each. The first installment is due upon signing contract, the second is payable upon the transfer of shares and amendment of the Articles of Association and last installment will be earned upon the approval and submission of the financial statements on “Qawaem” platform and their acceptance, as well as the completion of the handover process to the company’s management.
Alandalus Property Co. signed, today Feb. 27, a contract to sell its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary Manafea Alandalus for Real Estate Development Co. to Saudi Tourism Development Co., the partner and the owner of the remaining shares in the company.
Under the contract, the payment will be made in three equal installments of SAR 5 million each. The first installment is due upon signing contract, the second is payable upon the transfer of shares and amendment of the Articles of Association and last installment will be earned upon the approval and submission of the financial statements on “Qawaem” platform and their acceptance, as well as the completion of the handover process to the company’s management.
