Mubasher - Badour Al-Raei: The stock of "Ban Holding Group" witnessed positive performance during today's trading, Sunday, as it was able to achieve its highest gains during the year 2024.

By 1:15 Riyadh time, the stock's performance rose by about 7.32%, reaching the level of 2.64 riyals, gaining 0.18 riyals to its value, recording

The stock witnessed trading of about 3.57 million shares, at a value of 9.37 million riyals, distributed over 1.41 thousand transactions.

Meanwhile, the performance of the general market index "TASI" declined by about 0.01%, to the level of 11857.70 points, losing 1.77 points of its value, through trading of about 255.80 million shares, with a value of 2.378 billion riyals, distributed over 232,335 thousand transactions.

The stock's rise comes after today's announcement that it has signed two binding agreements to purchase a number of real estate assets, by increasing the company's capital and issuing new shares to sellers of real estate assets.

The company signed, according to a statement on “Tadawul”, an agreement with “Al-Oula Real Estate Development Company” as the seller, and Ajdan Real Estate Development Company as the seller’s guarantor, pursuant to which it was agreed that “Ban” would acquire ownership of all residential units located in the Ajdan Waterfront Project Tower located in the city of Khobar (the number of residential units is 86 real estate units), in exchange for issuing new shares in the company’s capital in favor of Al-Oula Real Estate Development Company or any of its affiliated companies as it determines and in accordance with the provisions of the agreement “Al-Oula Deal”.

"Ban" also revealed that it signed an agreement with Abdulmohsen Abdulaziz Alhokair Holding Group Company "Alhokair Holding Company" as a seller, according to which it was agreed that the company would acquire the ownership of 6 properties on which 3 hotels are built in the cities of Riyadh and Jeddah, in exchange for issuing new shares in the company's capital in favor of Alhokair Holding Company "Alhokair Holding Deal".

"Ban" said that the real estate assets that will be purchased in the first deal are 86 residential units, representing all the residential units located in the Ajdan Waterfront Project Tower located in the city of Khobar on plot No. 12/2 of plan No. 356/2.

The company added that, with regard to the Alhokair Holding deal, the real estate assets that will be purchased are: Plot No. 2155 of Plan No. 1578/A, Plot No. 2157 of Plan No. 1578/A, Plot No. 2159 of Plan No. 1578/A, and Plot No. 2161 of Plan No. 1578/A, on which the Hilton Double Tree Hotel is currently located in Riyadh, located in Al-Morouj district, and a plot of land in the Southern Obhur Plan, on which the Radisson Blu Corniche Hotel is currently located in Jeddah, in addition to Plot No. 528/A of Plan No. 3/477/A, on which the Holiday Inn Jeddah Gateway Hotel is currently located in Jeddah on Madinah Road.

The company noted that the two deals are independent of each other and are not conditional on the completion of one for the other to be effective. However, the company intends to complete the two deals simultaneously by increasing the company’s capital to issue shares in favor of both Al-Oula Real Estate Development Company and Al-Hokair Holding Company.

"Ban" added that the two deals represent part of the company's strategy to maintain its focus in the Saudi Arabian market by strengthening its leading position in various regions and enhancing its presence in the market by developing its current hotel and real estate portfolio.

"Ban" revealed that the value of the first deal is 178.5 million riyals, while the value of the Alhokair Holding deal is 651.62 million riyals, noting that the market value of the listed company is approximately 774.9 million riyals as of December 26, 2024.

Pan announced that the capital will be increased by 96.8%, rising from 315 million riyals to 619.97 million riyals, increasing by 304.97 million riyals, and the number of shares will increase from 315 million shares to 619.97 million shares.

Pan pointed out that after the completion of the two deals, the ownership percentage of current shareholders will decrease by 49.2%, which will affect its voting rights.

The Saudi Stock Exchange (Tadawul) also announced the suspension of trading in the shares of Ban Group Holding Company (formerly Abdulmohsen Alhokair Tourism and Development Group) in the market, starting from 10:00 AM until 1:00 PM today, Sunday, December 29, 2024 AD.

Tadawul said in a statement today, Sunday, that the decision to suspend the stock came at the company's request, in accordance with the provisions of the listing rules and procedures for suspending trading in listed securities, in preparation for announcing a material event.

She noted that the two deals are independent of each other, and although the company intends to complete the two deals simultaneously through a single capital increase and the issuance of new shares for Al Oula Real Estate Development Company and Al Hokair Holding Company in a single extraordinary general assembly, due to the existence of preconditions for the completion of each of the two deals, it may be impossible (before holding the extraordinary general assembly related to the deal and the capital increase) to complete one of the two deals, and the company decides to continue to complete only one deal, and any material developments regarding either deal will be announced in due course.

The parties to the two deals agreed that the value of one share for the purpose of determining the number of shares in consideration would be SAR 2.722 per share. This price was determined based on the average daily closing price weighted by trading volume for a period of three months ending on the trading day preceding the date of signing the two deals agreements (3M VWAP).