Arabian Centres Co. announces its Proceeds from Amlak International IPO
| Element List | Explanation |
|---|---|
| Announcement Detail | Arabian Centres Company “ACC” announces its proceeds from the IPO of “Amlak International for Real Estate Finance” which ended on Sunday 05 July 2020 after setting the sale price at SAR 16 per share, where the value of these proceeds amounts to SAR 36,720,000 (part of it will be deducted as IPO fees), and these proceeds represents 30% of ACC’s indirect ownership in Amlak International’s capital.
It is worth mentioning that Arabian Centres Company owns a total of 8.44% in Amlak International’s capital before its IPO (5.91% post IPO), where ACC’s investment in it comes through two of its subsidiaries, with 5.63% through “Al Makarem International for Real Estate Development Company” (3.94% post IPO), and 2.81% through “Al Bawarij International for Development & Real Estate Investment Company” (1.97% post IPO).
It should be noted also that the financial impact of these proceeds will appear on ACC's financial statements for the period of the second quarter ending 30 September 2020. |
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