https://arab.news/yd74f
- Chairman spoke after receiving approval for IPO this week
- Company has SR200 million of capital
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.
鈥淭he size of the company鈥檚 investment portfolio is about SR314 million,鈥� he said. 鈥淲e have agreements for banking facilities aimed at providing the necessary liquidity for expansion.鈥�
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.
鈥淭he listing in the parallel market aims to diversify the base of investors with experience in the sector and increase the company鈥檚 financing capacity from local banks,鈥� Alhakbani said. 鈥淭he listing also aims to raise the level of governance and transparency of the company鈥檚 business by applying the CMA鈥檚 constantly developed instructions and regulations.鈥�
鈥淭he timing of the listing is very appropriate, coinciding with the current economic transformation in the Kingdom,鈥� he said.