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Banan to Launch Real Estate Subsidiary
Banan Real Estate Company announced that its Board of Directors has approved the establishment of a new subsidiary with a capital of 44.075 million riyals, as part of its plans to expand its real estate development projects and strengthen its investment portfolio. The new company will operate as an independent entity with a ownership stake of 60.47%, while the remaining stake will be distributed among investors and related parties, including members of the Alsuwailim and Al-Huqbani families. Additionally, Majid Abdullah Al-Nasser has been appointed as the General Manager of the new company to support management integration. The financial statements will be consolidated following the completion of procedures and the achievement of actual control, in accordance with international financial reporting standards.
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