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Banan to launch real estate unit
Banan Real Estate Company has decided to establish a new subsidiary with a capital of 44.075 million riyals, aiming to expand its real estate development projects and strengthen its investment portfolio. The company will hold a 60.47% stake in the new entity, which will be classified as a subsidiary and included in its financial statements later, after the completion of the establishment procedures and the attainment of actual control. This move is part of the company's plan to expand its presence in the real estate development market in Saudi Arabia.
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