RIYADH: Banan Real Estate Company has a strong financial position, with SR200 million ($53.3 million) of capital, and profits and reserves exceeding SR100 million, Chairman Abdulmohsen Alhakbani told CNBC Arabia.
“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.”
Saudi Capital Market Authority (CMA) approved listing the shares of Banan Real Estate Company on the Saudi Stock Exchange parallel market Nomu, according to a bourse disclosure on Monday.
“The listing in the parallel market aims to diversify the base of investors with experience in the sector and increase the company’s financing capacity from local banks,” Alhakbani said. “The listing also aims to raise the level of governance and transparency of the company’s business by applying the CMA’s constantly developed instructions and regulations.”
“The timing of the listing is very appropriate, coinciding with the current economic transformation in the Kingdom,” he said.