Sanam's Board of Directors Approves an Initial Partnership with an In-Kind Shares in the Capital of the Subsidiary "ERADAT".
On Wednesday 09/08/2023, the Board of Directors of Sanam Real Estate Company reached a preliminary agreement through its subsidiary “ERADAT International Real Estate Company K.S.C.C” with a public shareholding real estate company, to increase the capital of Eradat International Real Estate Company to reach KD 13,163,000. (The current capital of Eradat International Real Estate Company is 6,798,697 KD, and the accumulated losses will be amortized to bring the capital to 4,940,000 KD). Provided that the aforementioned capital increase be in-kind with a value of KD 8,223,000, representing 62.47% of the company’s capital (the in-kind increase consists of real estate with a total value of KD 49,463,000 and a net value of KD 8,223,000 after excluding the bank facilities granted with its guarantee). Thus, the share of Sanam Real Estate Company becomes 37.53%, equivalent to KD 4,940,000 of the capital, afterwards becoming an associate company.