Al Ramz for Real Estate announced the purchase of commercial land valued at one million riyals ($102 million), covering an area of 15.2 thousand square meters in the Al Qirawan district of Riyadh at a price of 25,000 riyals per square meter with no preferential terms. The company aims to develop mixed-use towers at a strategic location to strengthen its urban footprint and investment position.
The company stated that the transaction is expected to enhance financial performance between 2026 and 2029, funded through bank facilities, internal resources, and proceeds from the offering.
Regarding its share offering, the Capital Market Authority approved the registration of 12.85 million shares representing 30% of the capital after it was increased from 300 million to 428 million riyals.
Institutional subscription was covered 11.1 times, while 2.57 million shares were allocated to retail investors at a price of 70 riyals per share. Despite this, trading in the company’s stock began with a decline of 14.29%.
“Tadawul” announced the start of trading under the symbol 4327, with daily price fluctuation limits of +/- 30% for the first three days, after which the limits will revert to the usual +/- 10% and the fixed limits will be removed.
