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National Building unveils capital raise of NOMW Al Ahsa fund

National Building unveils capital raise of NOMW Al Ahsa fund
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Riyadh – Mubasher: National Building and Marketing Company announced that the capital of NOMW Al Ahsa Real Estate Development Fund has been increased by SAR 30 million to SAR 130 million instead of SAR 100 million.

At the closure of the private investment fund’s offering, a total of 8 million out of 13 million units have been allocated for National Building at SAR 10 million per unit, according to a recent bourse filing.

The combined value amounted to SAR 80 million, of which SAR 30 million in cash and SAR 50 million in kind.

The units’ volume accounted for 61.5% of NOMW Al Ahsa fund’s capital, fund manager NOMW Capital addressed National Building.

The positive financial impact is expected to reflect on the income statements during the fourth quarter (Q4) of 2022.

In August 2021, the listed firm partnered with the fund manager for initiating NOMW Al Ahsa fund to construct residential villas at a total value of SAR 440 million.