Banan Real Estate Co. Announces the Board of Directors' Approval to Establish a Subsidiary

Element List	Explanation
Announcement Detail	Banan Real Estate Company announces that its Board of Directors, in its decision dated 16/07/2026, approved the establishment of a simplified joint-stock company with a capital of 44,075,000 SAR. Banan Real Estate Co, will hold a 60.47% share capital in the company, while the remaining shares will be held by the following investors : 1. Mr. Mohammed Abdulaziz Al-Suwailem (9.30%) (Related Party – Shareholder in a subsidiary). 2. Mr. Abdulaziz Al-Suwailem (9.30%). 3. Mr. Ahmed Abdulaziz Al-Haqbani (6.98%) (Related Party – Major Shareholder). 4. Mr. Abdulmohsen Abdulaziz Al-Haqbani (4.65%) (Related Party – Chairman of the Board). 5. Mr. Bader Sulaiman Al-Haqbani (2.33%) (Related Party – CEO of a subsidiary). 6. Ms. Munira Abdulaziz Al-Haqbani (2.33%). 7. Ms. Jawaher Abdulaziz Al-Haqbani (4.65%). The Board of Directors also approved the appointment of Mr. Majed Abdullah Al-Nasser, CEO of Banan Real Estate Company, as the company's General Manager. The new company will become a subsidiary of Banan Real Estate Company, and its financial statements will be consolidated with those of Banan Real Estate Co, upon completion of the incorporation procedures and once control has been established, in accordance with International Financial Reporting Standards (IFRS) adopted in the Kingdom of Saudi Arabia. *The primary purpose of establishing the company is to acquire and develop land, and to engage in real estate development and investment activities, in line with Banan Real Estate Company's strategy to expand its real estate projects and strengthen its portfolio of investment assets.

Element List

Explanation

Announcement Detail

Banan Real Estate Company announces that its Board of Directors, in its decision dated 16/07/2026, approved the establishment of a simplified joint-stock company with a capital of 44,075,000 SAR. Banan Real Estate Co, will hold a 60.47% share capital in the company, while the remaining shares will be held by the following investors :

1. Mr. Mohammed Abdulaziz Al-Suwailem (9.30%) (Related Party – Shareholder in a subsidiary).

2. Mr. Abdulaziz Al-Suwailem (9.30%).

3. Mr. Ahmed Abdulaziz Al-Haqbani (6.98%) (Related Party – Major Shareholder).

4. Mr. Abdulmohsen Abdulaziz Al-Haqbani (4.65%) (Related Party – Chairman of the Board).

5. Mr. Bader Sulaiman Al-Haqbani (2.33%) (Related Party – CEO of a subsidiary).

6. Ms. Munira Abdulaziz Al-Haqbani (2.33%).

7. Ms. Jawaher Abdulaziz Al-Haqbani (4.65%).

The Board of Directors also approved the appointment of Mr. Majed Abdullah Al-Nasser, CEO of Banan Real Estate Company, as the company's General Manager.

The new company will become a subsidiary of Banan Real Estate Company, and its financial statements will be consolidated with those of Banan Real Estate Co, upon completion of the incorporation procedures and once control has been established, in accordance with International Financial Reporting Standards (IFRS) adopted in the Kingdom of Saudi Arabia.

*The primary purpose of establishing the company is to acquire and develop land, and to engage in real estate development and investment activities, in line with Banan Real Estate Company's strategy to expand its real estate projects and strengthen its portfolio of investment assets.