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Argaam Tools ×
Alandalus sells its full stake in Hamat Real Estate
On November 17, 2019, Alandalus Property Co. signed an agreement with Asala Holding Co. to sell its full stake in Hamat Real Estate Co.
Deal Value | Method of Finance | Type | Status |
11.70 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
Asala Holding Company - Asala | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Landlords and developers |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
The Acquired Party
Hamat Property company - Hamat | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 17-11-2019 |
Expected date for Completion | 31-12-2019 |
Related Parties
Company | Role |
---|---|
Alandalus Property Co. | Seller |
Main Details
The 33.4% stake, or 167 shares, owned by Alandalus in Hamat, including its rights and obligations as of Sept. 30, 2019, were sold to Asala Holding Co., which holds the remaining stake in Hamat.
Note
* The deal value will be paid in five installments. The first installment worth SAR 6.59 million will be payable upon signing the contract. The second installment worth SAR 6.5 million will be payable on Apr. 1, 2020. The third installment will be payable at SAR 8.79 million on July 1, 2020. The fourth installment will be payable at SAR 8.79 million on Oct. 1, 2020, while the fifth installment worth SAR 13.18 million will be payable on Jan. 1, 2021.
* All management, operation and leasing contracts previously concluded with Hamat with respect to the malls owned by the company and its affiliates will be terminated on Dec. 31, 2019, subject to the approval of both companies. This shall not restrict the ability of assigning leasing services to Hamat on a commercial basis, under new agreements starting from Jan. 1, 2020.
* Asala is a related party to Alandalus as Abdulsalam Al-Aqeel serves as chairman of Alandalus and Asala. In addition, Salah Al-Habib, deputy chairman of Alandalus is a board member of Asala.
* Hamat reported a net profit of SAR 3.8 million in 2016, SAR 1.98 million and SAR 815,000 in 2017 and 2018, respectively.
* Hamat Real Estate Co. operates, manages and leases commercial centers and mall.
* The book value of Hamat stood at SAR 43.6 million as of Sept. 30, 2019.
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