Sumou Real Estate acquires 10% of Tanal for SAR 68 mln

28/06/2021 Argaam

Logo of Sumou Real Estate Co.

Sumou Real Estate Co. announced today, June 28, the acquisition of a 10% stake in Tanal Real Estate Development and Investment Co. valued at SAR 68.06 million, according to a bourse filing.

 

The deal was executed according to the swap agreement signed between Sumou Real Estate and Sumou Holding Co. (a related party) in December 2020.

 

In return, Sumou Real Estate transferred part of its investment in Makkah Entrance Project to Sumou Holding for the same amount.

 

The acquisition will have a positive impact on the company's financial results as of H1 2021.

 

Arriyadh Development Co. (ARDCO) and Sumou Holding set up Tanal for Real Estate Investment and Development with SAR 100,000 in capital. ARDCO owns 69.38% in the new firm, while Sumou Holding owns the remaining 30.62% – the same stake each owns in the 3 million square meter land in Al-Thumamah, Riyadh.

 

According to the data available with Argaam, Sumou Holding owns 92.44% of the capital of Sumou Real Estate.

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