Arabian Centres sells entire shares in Al Bawarij for SAR 40m

ALMRAKEZ
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Riyadh – Mubasher: Arabian Centres Company sold on 10 September its entire remaining shares in Al Bawarij International Development and Real Estate Investment for SAR 40.398 million.

The transaction’s impact will reflect on Arabian Centres’ financials for the second quarter ending on 30 September 2020, though it will not be a material one, according to a bourse filing on Sunday.

The announcement comes in view of Arabian Centres’ indirect investment in Amlak International for Real Estate Finance, which completed its initial public offering (IPO) last July. The investment comes through two of Arabian Centres’ subsidiaries, with 3.94% (post-IPO) through Al Makarem International Real Estate Development and 1.97% (post-IPO) through Al-Bawarij International.   

The firm’s ownership in Al Makarem is still subject to a six-month lock-up period following Amlak’s IPO, the statement concluded. 

Source: Mubasher Source: {{details.article.source}}