Retal Urban Development Co. announces an update on Company's announcement of submitting offers to other shareholders to acquire their entire stake in Ajdan Real Estate Development Company

- Abdulqadir Al Muhaidib & Sons Company opted not to participate in Retal Company’s offer to acquire its ownership in Ajdan Company, representing 47.5% of Ajdan Company’s capital, in consideration for the issuance of 55,000,000 new ordinary shares in Retal Company. Abdulqadir Al Muhaidib & Sons Company stated their desire to retain their stake in Ajdan Company, as it represents a long-term strategic investment for them. They further expressed their belief in Ajdan Company’s future prospects and its alignment with their investment vision.

- On 20 February 2026G, it received a notice from AlFozan Holding Company (“AlFozan Company”) regarding a proposal submitted by Sumou for International Investment Company (“Sumou Company”) to AlFozan Company and Abdulqadir Al Muhaidib & Sons Company, to sell them its entire shareholding in Ajdan Company, representing 5% of Ajdan Company’s share capital, for a cash consideration of SAR 125 million (the “Notice”) equivalent to SAR 2.5 billion for 100% of Ajdan Company’s shares.

The notice includes an offer for Ajdan Company itself (and not an acquisition by AlFozan Company or Abdulqadir Al Muhaidib & Sons Company) to acquire the shares owned by Sumou Company in Ajdan Company through the Company’s purchase of its own shares (the “Proposed Somou Transaction”).

AlFozan Company requested Retal Company’s approval of the Proposed Somou Transaction and the related arrangements, in accordance with the existing Share Swap Agreement entered between Retal Company and AlFozan Company dated 26/08/1447H (corresponding to 14/02/2026G) (the “Share Swap Agreement”). On 05/09/1447H (corresponding to 22/02/2026G), Retal Company provided its written approval of the Proposed Somou Transaction.

It is noted that, upon completion of the Proposed Somou Transaction and the completion of the Main Transaction, Retal’s ownership stake in Ajdan Company will reach 50%.

Full details of both transactions will be announced in the Shareholders’ circular to be published by Retal Company after obtaining the necessary regulatory approvals.

Phone: +966138013803

Email: ir@retal.com.sa