|Introduction||Seera Group Holding would like to announce the latest developments related to the establishment of a fund to develop mid-range hotels|
|Previous Announcement||Announce the opening of two hotels within the previously announced group of hotels, which are as follows:
1- Clarion Jeddah Airport Hotel – located on Prince Majed Road
2- Jeddah Comfort Hotel and Suites – located on King Abdulaziz Road
|Date of Previous Announcement on Tadawul’s Website||2022-01-20 Corresponding to 1443-06-17|
|Percentage of fulfilled achievement||N/A|
|Event’s Expected Completion Date||N/A|
|Reasons for Exceeding the Announced End Date||N/A|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||N/A|
|Impact of the Delay on the Company’s Financial Results||N/A|
|Additional Information||The Group announces to its valued shareholders its contribution to the establishment of a real estate investment fund under the management of Alinma Investment Company ("Alinma REIT Hotel Fund"), The Group contributes three real estate assets owned by it in the cities of Riyadh and Jeddah to be included among the assets of the Fund, noting that the payment of the value of the real estate assets is by way of cash equivalent to (40%) of the value of real estate assets and in-kind equivalent to (60%) of the value of real estate assets by issuing units to the group in accordance with the regulations and regulations of Capital Market Authority.
The real estate assets which the Group contributed -subject of the Fund’s investment-, are as follows:
1.Clarion Hotel – Jeddah Airport.
2.Comfort Suites Hotel King Road – Jeddah.
3.Comfort Inn Suites Hotel – Riyadh.
It should also be noted that the approval of the Capital Market Authority dated 1443/03/02 A.H. 2022/09/28 on the request of the "Alinma Investment Company" to introduce and register the units of "Alinma REIT Hotel Fund" in the market as units of a real estate investment traded funds (REITs) whose units are publicly listed;
This step is in support of the Group’s strategy of converting real estate assets into a tradable investments and reflecting the fair value of these assets.