Investment Holding Group Announces the Registration of Private Properties of a Subsidiary Company in the Name of a Founding Member

01/12/2019

Investment Holding Group announced that it has registered properties located in the Hashemite Kingdom of Jordan in the name of a founding member and a major shareholder in the Investment Holding Group as an in kind recovery for financial settlements with a partner in one of the companies affiliated to the Investment Holding Group for the sake of accelerating the process of property transfer so as to preserve and protect the rights of the shareholders of the Investment Holding Group. Then, the founding member immediately signed an acquisition agreement via brokerage with the Investment Holding Group, whereby the properties were registered in the name of the founding member provided that the shareholder owns these properties by brokerage and as trust. Accordingly, the founding member has also signed a relevant power of attorney to the management of the Investment Holding Group for the absolute disposal of these properties. Hence, the Investment Holding Group is currently in the process of selling these properties before the end of this year. And in case the Investment Holding Group has not been able to sell these properties by the end of the year, then it will embark on carrying out the procedures of ownership transfer to its name, or presenting it to the Assembly General Meeting to obtain its agreement to keep the current arrangements as they are. These properties have been listed under the “Real Estate Investments Additions’ Item” (Note 9, consolidated concised Interim financial statements for the six months period ended on 30/June/2019). It worth mentioning that the value of these properties represents 0.2% of the total assets of the Investment Holding Group as of 30/June/2019, which is a marginal percentage of no substantial impact on the financial position of the Investment Holding Group.