Saudi Arabia: Banan Real Estate Co. announced on Thursday the acquisition of an additional 3.54 percent stake in Al-Aziza Real Estate Development and Investment Co., bringing its ownership to 46.04 percent.

The value of the additional 35,416 shares was SR8.85 million ($2.3 million) and was financed from the company’s cash flows in 2022, the company said in a statement to the Saudi Stock Exchange, Tadawul.

Al-Aziza Development and Real Estate Investment Co.’s capital stands at SR10 million, divided into one million shares.

Al-Aziza Real Estate will convert into a subsidiary of Banan Real Estate due to control by Banan, the company said. The consolidated financial statements will be prepared at the end of 2021.

The board of directors of Al-Aziza Development was amended, with Badr Suleiman Saleh Alhaqbani becoming chairman and Abdulmohsen Abdulaziz Saleh Alhaqbani taking the vice chairman role.

Banan Real Estate Company has SR200 million of capital, and profits and reserves exceeding SR100 million, Abdulmohsen Alhakbani told CNBC Arabia in June.

“The size of the company’s investment portfolio is about SR314 million,” he said. “We have agreements for banking facilities aimed at providing the necessary liquidity for expansion."