Riyadh – Mubasher: Anaam International Holding Group has signed a non-binding memorandum of understanding (MoU) to acquire 100% of a private office building in Jeddah for a value of SAR 325 million, excluding real estate tax.

The MoU will be effective for 90 days from the signing date, which was on 16 February, according to a recent bourse filing.

The listed company noted that the agreement can be renewed upon approval of all parties.

Anaam will pay 51% of the potential transaction value once a final agreement is reached, while the remaining 49% will be paid by the end of December 2023.

This deal aims to diversify the business of Anaam in addition to benefiting from income-generating opportunities in the real estate sector.

The Saudi listed company pointed out that the procedures for the deal will be subject to the approval of relevant authorities.