Bin Saedan Real Estate Discloses Rights Issue Proceeds Variance
HAMAD BIN SAEDAN REAL ESTATE 9648.SA | 0.00 |
On August 12, 2026, Hamad Mohammed Bin Saedan Real Estate Co.(9648.SA) announced an update on the use of proceeds from its Rights Issue, disclosing variances of 5% or more in the actual utilization of funds at the project level compared to disclosures made in the Prospectus published on September 14, 2025. The variances include: the Residential Floors Project on Block 13, Al-Rimal District, where SAR 22,700,000 was allocated but SAR 0 was utilized (100% variance); the Residential Floors Project on Block 30, Namar District, Riyadh, where SAR 15,000,000 was allocated but only SAR 403,034 was utilized (95.48% variance); and the Logistics Warehouses Project, Blocks 17–20, Al-Nadhim District, Riyadh, where SAR 16,000,000 was allocated but only SAR 6,456,958 was utilized (57.30% variance). The Company attributed these variances to regulatory changes, differences in project implementation stages, and market and technical developments, while confirming that the total net offering proceeds and their primary purpose of financing capital projects remain unchanged. The Board of Directors has recommended a reassessment of the use of proceeds to optimize returns for shareholders, with any proposed amendments to be submitted to the General Assembly for approval.
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