Latest news with #QimamNoshoz
Zawya
25-06-2025
- Business
- Zawya
Banan unit in deal to develop Riyadh fitness clubs
Banan Real Estate Companyhas announced that its subsidiary, Qimam Noshoz Real Estate Development Company, has signed a contract with Armah Sports Company for the development and leasing of two fully equipped fitness clubs ready for operation (excluding movable furniture and sports equipment) in the Al Rahmaniyah neighbourhood of Riyadh. Located on Al Takhassusi Road, these two clubs will be dedicated to men and women under the "Optimo" brand, owned by Armah Sports Company, said Banan Real Estate Company in its filing to Saudi bourse Tadawul. Armah Sports Company offers clubs designed for individuals seeking luxury, privacy, and high-level services. This project is one of several to be implemented between Armah Sports Company and Banan Real Estate Company, aiming to develop integrated sports clubs. The scope of work includes development of two fully equipped and operational fitness clubs, one for men and one for women (excluding mobile furniture and sports equipment) with a long-term contract starting upon their full delivery for a period of 20 years. On the financial impact, Banan said it will generate direct revenues from the development work, in addition to strengthening its investments and increasing its returns through its subsidiary, Qimam Noshoz Real Estate Development Company, upon the project's completion.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
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
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.
