Board-approved Property Exchange: Sanam Real Estate and Fanan Real Estate Company
The Board of Directors has approved the report of an independent asset assessor approved by the Capital Markets Authority regarding the exchange of properties with the subsidiary, Fanan Real Estate Company K.S.C.C. The details of the property swap are as follows: Selling the Property in Farwaniya: Sanam Real Estate Company will sell the property in Farwaniya to its subsidiary, Fanan Real Estate, at a book value of KD 2,240,000. Transferring the Right of Use of a Land in Dubai: The subsidiary company, Fanan Real Estate, will transfer the right of use of a land in Dubai, United Arab Emirates, to a subsidiary of Sanam Real Estate Company. The book value of this land is KD 1,251,056. In-Kind Increase of Subsidiary's Capital: The Board of Directors has also approved the in-kind increase of its subsidiary's capital by incorporating the property owned by Sanam Real Estate Company in Bneid Al Gar area at a book value of KD 2,700,000. These transactions reflect the strategic real estate exchange between Sanam Real Estate Company and its subsidiary, Fanan Real Estate Company, in order to optimize the utilization of assets and enhance the overall value of the companies involved.