“Riyadh Reconstruction” completes its acquisition of two real estate origins from “Reimat”

Riyadh Reconstruction Company announced the completion of the acquisition of two real estate assets from Rimat Riyadh Development Company, by transferring the ownership of real estate assets to the company and depositing new shares for the benefit of Reimat Company and inserting them into the Saudi financial market trading, last Thursday.
According to the company’s statement on the circulation of Saudi Arabia, the deal is represented by the company’s acquisition of two real estate assets from Rimat Riyadh Development Company represented by: (1) raw land with a total area of ​​(787,477.19) square meters located in the north of Dammam Road, Al -Remal District, Riyadh, Saudi Arabia.
The deal included the acquisition of two plots of land with a total area (214,000) square meters located in the south of the North Ring Road, Al -Murouj neighborhood, Riyadh, Saudi Arabia, and the allocation of (56,153,041) ordinary shares for Rimat Riyadh Development Company, by increasing the company’s capital from (1,7777777770 Real to (2,339,308,180) Saudi riyals, which represents an increase of 31.58% of the company’s current capital, and an increase in the number of shares from (177,777,777) ordinary shares to (233,930,818) ordinary shares.
According to the company, the deal involved the presence of a related party, as the Riyadh Remat Development Company was considered a related party, given that the company’s board chairman, who is the Chairman of the Board of Directors of Rimat Riyadh Development Company, was also a representative of the Riyadh Municipality, which in turn owns the Rimat Riyadh Development Company completely .
According to the company, the financial impact will be a positive on the company after the completion of the planned projects on the real estate assets related to the deal.
The general general of the Riyadh Development Company on February 4 had agreed to increase the company’s capital and issue new shares for the purpose of acquiring two real estate assets from Rimat Riyadh Development Company.