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Al Andalus sells stake in Hamat to Asala Holding

Al Andalus sells stake in Hamat to Asala Holding
ALANDALUS
4320
3.90% 28.00 1.05

Riyadh – Mubasher: Al Andalus Property Company announced the sale of its entire stake in Hamat Real Estate Company, representing 33.4% of Hamat’s share capital, to Asala Holding Company for a total price of around SAR 43.93 million.

The sum will be paid through fifth instalments, with the first of SAR 6.59 million payable upon signing the contract, and the last on 1 January 2021, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Moreover, the company noted that the financial impact of this transaction will be reflected in its financial statements starting from the fourth quarter (Q4) of 2019.

The transfer and assignment of the 167 shares sold to Asala Holding Company will be completed within thirty days from the date of signing the sale contract, the statement noted.

Hamat Real Estate Company is engaged in the management, operation and leasing of commercial centres and malls.

The company said that the transaction reason is the its desire for self-managing and operating the malls and commercial centres owned by the company and its subsidiaries and affiliates.