‎Banan completes acquisition of 45% of Qimam Noshoz

Banan Real Estate Co. announced the acquisition of 45% of Qimam Noshoz Real Estate Development Co., a simplified joint-stock company with SAR 71 million capital, according to a statement to Tadawul.

Banan would acquire 1.63 million shares, representing 23% of the company’s capital. Meanwhile, Banan’s subsidiary, Al-Aziza Real Estate Development and Investment Co. would purchase 1.56 million shares, accounting for 22% of the capital.

Qimam Noshoz’s board of directors was formed in the general meeting held on Jan. 9, to include Abdul Mohsen Al-Haqbani as Chairman, Majid Al-Nasser as CEO, Naif Abdullah Bin Saad Alsofyan as board member, and others.

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Qimam Noshoz is now wholly owned by Banan as the Tadawul-listed firm, together with affiliates, controls most of Qimam Noshoz board seats.

Banan Real Estate Co. announced the acquisition of 45% of Qimam Noshoz Real Estate Development Co., a simplified joint-stock company with SAR 71 million capital, according to a statement to Tadawul.

Banan would acquire 1.63 million shares, representing 23% of the company’s capital. Meanwhile, Banan’s subsidiary, Al-Aziza Real Estate Development and Investment Co. would purchase 1.56 million shares, accounting for 22% of the capital.

Qimam Noshoz’s board of directors was formed in the general meeting held on Jan. 9, to include Abdul Mohsen Al-Haqbani as Chairman, Majid Al-Nasser as CEO, Naif Abdullah Bin Saad Alsofyan as board member, and others.

Qimam Noshoz is now wholly owned by Banan as the Tadawul-listed firm, together with affiliates, controls most of Qimam Noshoz board seats.