Riyadh – Mubasher: Sumou Real Estate Company has acquired 10% equity in Tanal Real Estate Development and Investment Company for SAR 68.05 million.

The financial impact of this stake acquisition is expected to be positive and reflect on the income statements of the first half (H1) of 2021, according to a bourse filing on Monday.

According to a share swap agreement between Sumou Real Estate and Sumou Holding Company, the former will transfer a share of the same value from its investment in Madkhal Makkah project to Sumou Holding.

The real estate and the holding companies had signed the swap agreement last December.