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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.
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