Saudi-based Alandalus Property Company has announced that it has signed an agreement to sell its entire stake in its key Jeddah project - Manafea Alandalus for Development and Real Estate Investment (Al Marwa Center) - to the Saudi Tourism Development Company.

 

This is in exchange for the waiver of the sale of its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary, Manafea Alandalus for Development and Real Estate Investment.

 

Manafea Alandalus is a major player in the management, operation and leasing of commercial centres and malls in the kingdom.

 

With this deal, Saudi Tourism Development Company has become the full owner of Al Marwa Center, said Alandalus Property Company in its filing to Saudi bourse Tadawul.

 

The contract stipulates that the payment will be made in three installments as follows:

*First Installment: SAR5,000,000 to be paid upon signing contract.

*Second Installment: Also of SAR5,000,000 to be paid upon the transfer of shares and amendment of the Articles of Association.

*Third Installment of SAR5,000,00 will be paid upon the approval and submission of the financial statements on the Qawaem platform and their acceptance, as well as the completion of the handover process to the company management.

 

The move is in line with the company's strategy to maximize returns for its shareholders and enhance financial efficiency, it stated.

 

According to Alandalus Property, the funds obtained from this transaction will be used to finance the company's ongoing and future projects.

 

The financial impact will appear in the company's statements starting from the first quarter of DY2025, it added.-TradeArabia News Service