Logo ofRiyadh Development Co.
Riyadh Development Co. announced today, Feb. 16, that ownership transfer of two real estate assets from Remat Al-Riyadh Development Co. was complete. 
The developer deposited its new shares in favor of Remat Al-Riyadh and listed them on the Saudi Exchange (Tadawul) on Feb. 13.
For more news and details on MAs
The transaction will have a positive financial impact upon completion of the planned projects on the real estate assets related to the deal, Riyadh Development said in a statement to Tadawul.
The transaction involved a related party, as Chairman of Riyadh Development (also the Chairman of Remat Al-Riyadh) served as representative of Riyadh Region Municipality that fully owns Remat Al-Riyadh.
According to data available on Argaam, Riyadh Development’s shareholders recently approved increasing capital by 31.58% from SAR 1.78 billion to SAR 2.34 billion, to acquire two real estate assets owned by Remat Al-Riyadh.
The total agreed value of the seller’s assets is SAR 1.4 billion, excluding real estate transaction tax.
Logo ofRiyadh Development Co.
Riyadh Development Co. announced today, Feb. 16, that ownership transfer of two real estate assets from Remat Al-Riyadh Development Co. was complete.
The developer deposited its new shares in favor of Remat Al-Riyadh and listed them on the Saudi Exchange (Tadawul) on Feb. 13.
For more news and details on MAs
The transaction will have a positive financial impact upon completion of the planned projects on the real estate assets related to the deal, Riyadh Development said in a statement to Tadawul.
The transaction involved a related party, as Chairman of Riyadh Development (also the Chairman of Remat Al-Riyadh) served as representative of Riyadh Region Municipality that fully owns Remat Al-Riyadh.
According to data available on Argaam, Riyadh Development’s shareholders recently approved increasing capital by 31.58% from SAR 1.78 billion to SAR 2.34 billion, to acquire two real estate assets owned by Remat Al-Riyadh.
The total agreed value of the seller’s assets is SAR 1.4 billion, excluding real estate transaction tax.
