News & Announcements

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ALANDALUS

27 February, 2025 15:44

Alandalus Property Co announces the sale of its entire stake of 70% from its capital in Manafea Alandalus for Development and Real Estate Investment (Al-Marwa Center) in Jeddah City, for a total value of 15,000,000 Saudi Riyal

Element List	Explanation
Transaction Details	Alandalus Property Co has signed a contract to sell its entire stake in Manafea Alandalus for Development and Real Estate Investment to the Saudi Tourism Development Company, the Partner and the Owner of the remaining shares in the company. This is in exchange for the waiver of the sale of its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary, Manafea Alandalus for Development and Real Estate Investment.
Transaction Amount	15,000,000 Saudi Riyals
Transaction Conditions	The contract stipulates the Sale of all Entire Shares of Alandalus Property Co. to the Saudi Tourism Development Company in Manafea Alandalus for real estate development and investment company, along with its rights and obligations as of December 31, 2024, for a total value of 15,000,000 Saudi Riyals. The payment will be made in three installments as follows: 1-First Installment: 5,000,000 Saudi Riyals (Five Million Saudi Riyals) to be paid upon signing contract. 2-Second Installment: 5,000,000 Saudi Riyals (Five Million Saudi Riyals) to be paid upon the transfer of shares and amendment of the Articles of Association. 3-Third Installment: 5,000,000 Saudi Riyals (Five Million Saudi Riyals) to be paid upon the approval and submission of the financial statements on the Qawaem platform and their acceptance, as well as the completion of the handover process to the company management.
Parties of the Transaction	First party (seller) - Alandalus Property Co Second party (buyer) -The Saudi Tourism Development Company
Transaction Financing Method	Not applicable
Date of Entering Into The Transaction	2025-02-27 Corresponding to 1446-08-28
Description of Activity of The Asset Subject of The Transaction	Manafea Alandalus for real estate development and investment company is engaged in the management, operation and leasing of commercial centers and malls.
Asset Book Value	The book value of Manafea Alandalus for real estate development and investment company as of December 31, 2023, is 17,377,253 Saudi Riyals.
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction	The net profits/ (losses) of Manafea Alandalus for real estate development and investment company for the last three financial years are as follows: 301,781 Saudi Riyals for the fiscal year 2021, (517,048) Saudi Riyals for the fiscal year 2022, and (1,464,908) Saudi Riyals for the fiscal year 2023.
Transaction reasons	In line with the company's strategy to maximize returns for its shareholders and enhance financial efficiency.
Expected Impact of the Transaction on the Company and Its Operations	The financial impact of this transaction will appear in the company's financial statements starting from the first quarter of the fiscal year 2025.
Details of Using The Proceeds of the Asset Sale	The funds obtained from this transaction will be used to finance the company's ongoing and future projects.
Related Parties	Not exist
Additional Information	Alandalus Property Co confirms that there are no preferential terms in this contract . The company will announce any update related to the contract late.

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