Bab Omar Company has entered into a binding implementation agreement with the manager of the Alinma Makkah Real Estate Fund on behalf of the fund, which provides for the settlement of all rights and obligations related to the fund, by issuing 225.1 million new shares in the company to the fund’s unit holders according to the swap factor specified at 0.442 new shares in The company for each unit of the fund (excluding the company as a unit owner), by increasing the company’s capital from 9.29 billion riyals to 11.54 billion riyals
Al-Arabiya stated that under this agreement, the ownership of the fund's assets will be transferred to the company and any rights associated with it in accordance with the agreements related to the fund, including property rights and any other rights related to the fund's assets it enjoys. The Fund and a number of the Fund's stakeholders,
The binding agreement is subject to a number of conditions that must be met for the purpose of completing the transaction, which includes obtaining all necessary regulatory approvals for the execution of the transaction, obtaining the approval of the company's general assembly and the approvals of any third parties whose approval is required to carry out the transaction. The deal and other terms and conditions.
The company stated that it will announce any material developments regarding the deal at the time, in accordance with the relevant laws and regulations, and in accordance with the provisions of the binding agreement, the completion of the deal will be a final settlement between the company, the fund and a number of concerned parties. In the box..
