Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has purchased the entire stake of Kaya Homes for Construction, Contracting, Tourism, Trade and Industry, in the Saudi Real Estate Construction Company (Tamear), in which it owns a 60% stake. 

Accordingly, Tamear will become a fully-owned subsidiary of Al Akaria, according to a bourse statement on Monday. 

Al Akaria signed a share sale agreement with Kaya Homes, under which the latter will assign its full shares (40%) in Tamear with its rights and obligations in favour of Al Akaria in exchange for SAR 4.3 million.

The transaction’s financial impact will reflect during the second quarter of 2021.