Arabian Centres Co. — Capital/Financing Update 2020

Sep 13, 2020

Arabian Centres Co. announces the sale of its remaining shares in Al Bawarij International Co.

4321 · 13/09/2020 08:00:40 · Announcement #60349 · View on Saudi Exchange

Arabian Centres Co. announces the sale of its remaining shares in Al Bawarij International Co.

Element List

Explanation

Announcement Detail

Reference to Arabian Centres Company’s indirect investment in "Amlak International for Real Estate Finance (Amlak)" (which completed its IPO in July 2020), that comes through two of its subsidiaries, with 3.94% (post IPO) through “Al-Makarem International for Real Estate Development Company (Al-Makarem)”, and 1.97% (post IPO) through "Al-Bawarij International for Development & Real Estate Investment Company (Al-Bawarij)", and after ACC reclassified this investment to be under "Available for Sale Investments", the Company announces the completion of the sale transaction on 10 September 2020 of its entire remaining shares in “Al-Bawarij” with an amount of SAR 40,398,218. The financial impact of this transaction will be reflected on the Company’s results for the second quarter ending 30 September 2020, noting that it will not have a material impact on the Company’s financial statements.

It is worth mentioning that ACC’s ownership in “Al-Makarem” is still under a lock-up period of six months following Amlak’s IPO.

The Capital Market Authority and Saudi 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.