Banan board OKs establishing real estate development company

Banan Real Estate Co.'s board of directors gave the go-ahead for establishing a simplified joint stock company specialized in real estate development and investment, in partnership with its subsidiary, Al-Azizah Real Estate Investment and Development Co., and other shareholders.

In a statement to Tadawul today, Sept. 24, Banan said the new subsidiary will invest in owning, managing, and developing lands and buildings.

According to data available with Argaam, Banan was listed and started trading on the Nomu-Parallel Market in August 2021, with SAR 200 million in capital. The company filed for transitioning to the Main Market (TASI) in June.