Logo ofBAAN Holding Group Co.
BAAN Holding Group Co.’s shareholders approved the acquisition of real estate assets from Al Oula Real Estate Development Co. during the extraordinary general meeting (EGM) held on April 24. 
The deal will be executed through a capital increase of SAR 65.58 million, with the issuance of 65.58 million ordinary shares.
In a statement on Tadawul, the company said the transaction value amounts to SAR 178.50 millionin favor of Al Oula Real Estate, allocated among three companies: Awj Al-Mada Company for Real Estate Development and Investment, Awj Al-Majal Co., and Awj Al-Shati Co.
The acquisition was in accordance with the provisions of the real estate sale and purchase agreement signed with Al Oula Real Estate and Ajdan Real Estate Development Co., acting as guarantor for Al Oula Real Estate, on Dec. 29, 2024.
The real estate assets comprise 86 residential units in the mid-rise component of the Ajdan Waterfront Project Tower on Corniche Road, Al Khobar, with a total area of approximately 12,000 square meters.
The shareholders also approved theacquisition of real estate assets from Abdul Mohsen Abdulaziz Al Hokair Holding Group Co. (Al Hokair Holding). This will come into consideration of the company increasing its capital by SAR 239.39 million through the issuance of 239.39 million ordinary shares and allocating them to Al Hokair Holding.
The real estate assets comprise three hotels, as well as the land and real estate assets on which they are located. These include DoubleTree by Hilton Hotel in Riyadh, Al Murooj District; the Radisson Blu Hotel Corniche in Jeddah, South Obhur District; and the Holiday Inn Jeddah Gateway Hotel in Jeddah, Al Nuzha District.
The implementation of the deal is contingent on Al Hokair Holding obtaining written approval, before the general assembly, from all banks in favor of which the assets included in the Al Hokair transaction have been mortgaged. Such mortgages will be released prior to the transfer of the assets from Al Hokair Holding to the company.
During the EGM, shareholders also approved the business and contracts to be executed during 2026 between the company and Al Hokair Holding, in which Chairman Sami Alhokair, and Vice Chairman Faisal Al-Malik, have an indirect interest.
These transactions relate to the acquisition of three major hotels, without any preferential terms or special advantages. The total transaction value amounts to SAR 651.62 million.
Additionally, shareholders approved an amendment to Article 4 of the company’s bylaws to include retail sale of sports equipment in specialized stores,land transport of goods and othersupporting transport activities.
Logo ofBAAN Holding Group Co.
BAAN Holding Group Co.’s shareholders approved the acquisition of real estate assets from Al Oula Real Estate Development Co. during the extraordinary general meeting (EGM) held on April 24.
The deal will be executed through a capital increase of SAR 65.58 million, with the issuance of 65.58 million ordinary shares.
In a statement on Tadawul, the company said the transaction value amounts to SAR 178.50 millionin favor of Al Oula Real Estate, allocated among three companies: Awj Al-Mada Company for Real Estate Development and Investment, Awj Al-Majal Co., and Awj Al-Shati Co.
The acquisition was in accordance with the provisions of the real estate sale and purchase agreement signed with Al Oula Real Estate and Ajdan Real Estate Development Co., acting as guarantor for Al Oula Real Estate, on Dec. 29, 2024.
The real estate assets comprise 86 residential units in the mid-rise component of the Ajdan Waterfront Project Tower on Corniche Road, Al Khobar, with a total area of approximately 12,000 square meters.
The shareholders also approved theacquisition of real estate assets from Abdul Mohsen Abdulaziz Al Hokair Holding Group Co. (Al Hokair Holding). This will come into consideration of the company increasing its capital by SAR 239.39 million through the issuance of 239.39 million ordinary shares and allocating them to Al Hokair Holding.
The real estate assets comprise three hotels, as well as the land and real estate assets on which they are located. These include DoubleTree by Hilton Hotel in Riyadh, Al Murooj District; the Radisson Blu Hotel Corniche in Jeddah, South Obhur District; and the Holiday Inn Jeddah Gateway Hotel in Jeddah, Al Nuzha District.
The implementation of the deal is contingent on Al Hokair Holding obtaining written approval, before the general assembly, from all banks in favor of which the assets included in the Al Hokair transaction have been mortgaged. Such mortgages will be released prior to the transfer of the assets from Al Hokair Holding to the company.
During the EGM, shareholders also approved the business and contracts to be executed during 2026 between the company and Al Hokair Holding, in which Chairman Sami Alhokair, and Vice Chairman Faisal Al-Malik, have an indirect interest.
These transactions relate to the acquisition of three major hotels, without any preferential terms or special advantages. The total transaction value amounts to SAR 651.62 million.
Additionally, shareholders approved an amendment to Article 4 of the company’s bylaws to include retail sale of sports equipment in specialized stores,land transport of goods and othersupporting transport activities.
