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Arabian Centres gains SAR 37m from Amlak's IPO

Arabian Centres gains SAR 37m from Amlak's IPO
Arabian Centres' ownership in Amlak’s capital reached 5.91% following the IPO
CENOMI CENTERS
4321
26.12% 25.40 5.26

Riyadh – Mubasher: Arabian Centres Company has gained SAR 36.72 million worth of proceeds from Amlak International for Real Estate Finance initial public offering (IPO) completed on Sunday, 5 July, at a share price of SAR 16.

The said amount represents 30% of Arabian Centres’ indirect ownership in Amlak’s capital, according to a bourse filing on Wednesday.

Prior to the IPO, Arabian Centres owned a stake of 8.44% in Amlak’s capital before it was reduced to 5.91% afterwards.

The current stake of Al Makarem International Real Estate Development, an Arabian Centres subsidiary, in Amlak's capital, stands at 3.94%, down from 5.63%, while the stake of the other unit, Al Bawarij International Development and Real Estate Investment, was reduced to 1.97% from 2.81%.

The material impact of the aforementioned proceeds will reflect on Arabian Centres’ financial statements for the second quarter (Q2) ending on 30 September 2020.

Last Tuesday, NCB Capital announced the completion of the retail subscription tranche of Amlak's IPO at a total coverage of 2,690%.