Latest news with #BananRealEstate
Zawya
27-05-2025
- Business
- Zawya
Saudi: Banan's unit Qimam Noshoz to increase capital to $29.33mln
Riyadh – Qimam Noshoz Real Estate Development Company, a subsidiary of Banan Real Estate Company, obtained the extraordinary general meeting's approval to increase its capital to SAR 110 million. The simplified joint stock unit aims to increase its capital from SAR 71 million through the issuance of 3.90 million new shares at a nominal value of SAR 10 per share. Moreover, Banan's board greenlighted the subscription of both the company and its subsidiary, Al Aziza Investment and Real Estate Development Company, in a total of 2.53 million shares. The Tadawul-listed firm will subscribe to 1.29 million shares, with a total amount of SAR 12.96 million. In this regard, its ownership in Qimam Noshoz will increase to 26.63%, instead of 23% before the transaction. Meanwhile, Al Aziza Investment will subscribe to 1.24 million shares, with a total value of SAR 12.40 million. Hence, its shareholding will hike to 25.48% from 22%. The combined ownership of Banan and Al Aziza Investment in Qimam Noshoz will rise to 52.11% from 45%. This move aligns with Banan's strategy to support the growth and expansion plans of its subsidiary, reinforcing its financial position and boosting its consolidated financial results. In January 2025, Qimam Noshoz and Armah Sports Company signed a SAR 224.01 million deal to develop two fully equipped fitness clubs in Riyadh's Al Wadi district.
Argaam
27-05-2025
- Business
- Argaam
Banan to transfer SAR 7.66M statutory reserve to retained earnings
Banan Real Estate Co. 's shareholders, in an extraordinary general meeting (EGM) on May 26, approved the transfer of the company's statutory reserve to the retained earnings. In a statement to Tadawul, the company said that its statutory reserve amounted to SAR 7.66 million as of the Dec. 31, 2024. The retained earnings account stood at SAR 149.35 million as of the same date. Meanwhile, shareholders approved authorizing the company's board of directors to distribute interim dividends for 2025 on a semi-annual quarterly basis. Banan distributed cash dividends at 3.5% (SAR 0.035 per share) for H1 2024, Argaam earlier reported.
Argaam
25-05-2025
- Business
- Argaam
Banan's unit Qimam Noshoz gets shareholder nod to raise capital to SAR 110M
The extraordinary general assembly of Banan Real Estate 's subsidiary, Qimam Noshoz Real Estate Development Co. (a simplified joint-stock company), approved on May 25 a capital increase from SAR 71 million to SAR 110 million by issuing 3.9 million new shares at a nominal value of SAR 10 per share. Banan's board of directors also approved subscription to a total of 2.54 million shares by both Banan Real Estate and its subsidiary, Al-Aziza Investment and Real Estate Development Co. Banan Real Estate will subscribe to 1.29 million shares valued at SAR 12.97 million, raising its ownership in Qimam Noshoz to 26.63% after the capital increase, up from 23% previously. Meanwhile, Al-Aziza will subscribe to 1.24 million shares worth SAR 12.4 million, increasing its stake to 25.48%, compared to 22% before the increase. Together, their combined ownership in Qimam Noshoz will rise to 52.11%, up from 45% prior to the capital hike. Banan said the capital increase supports its strategy to back the growth and expansion plans of its subsidiary, strengthen its financial position, and positively influence the company's consolidated financial results.
