Arabian Centres Co. announces its Proceeds from Amlak International IPO
|Announcement Detail||Arabian Centres Company “ACC” announces its proceeds from the IPO of “Amlak International for Real Estate Finance” which ended on Sunday 05 July 2020 after setting the sale price at SAR 16 per share, where the value of these proceeds amounts to SAR 36,720,000 (part of it will be deducted as IPO fees), and these proceeds represents 30% of ACC’s indirect ownership in Amlak International’s capital. |
It is worth mentioning that Arabian Centres Company owns a total of 8.44% in Amlak International’s capital before its IPO (5.91% post IPO), where ACC’s investment in it comes through two of its subsidiaries, with 5.63% through “Al Makarem International for Real Estate Development Company” (3.94% post IPO), and 2.81% through “Al Bawarij International for Development & Real Estate Investment Company” (1.97% post IPO).
It should be noted also that the financial impact of these proceeds will appear on ACC's financial statements for the period of the second quarter ending 30 September 2020.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.