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Ratal Urban Development Company, listed in the Saudi market "Tadawul", announced substantial developments related to the proposed acquisition of shareholder shares in Ajdan Real Estate Development Company, and the company explained that the percentage of shares in the capital of Ajdan Company increased from 47.5% to 50%, through a disclosure on Tuesday on "Tadawul".
This change is the result of Ajdan’s purchase of the stake of SMO International Investment Company and its cancellation through the capital reduction mechanism, which led to the concentration of ownership of the remaining shares and increase the percentage of the target share by Ratal without a change in the number of shares or the agreed financial compensation.
In a recent financial disclosure, Ratal Urban Development Company explained that these developments come in line with its previous announcement issued in February 2026 on the submission of offers to acquire the entire shares of other shareholders in Ajdan, and March 2026 witnessed the acquisition of the entire shares owned by SMO International Investment Company, according to the announced details, which were before this step, 5% of the total capital of Ajdan.
The number of shares in the acquisition of 14.25 million shares has become half of the capital of Ajdan
The shares acquired from SMO were initially treated as treasury shares, according to official data, before Ajdan held an extraordinary general assembly during which it approved the cancellation of these shares and the reduction of the company’s capital accordingly. The cancellation process resulted in a decrease in the total number of shares issued to Ajdan from 30 million shares to 28.5 million shares, which caused a direct change in the relative weights of the remaining shareholders’ ownership in the company.
With regard to the share swap agreement concluded between Ratal and Al-Fouzan Holding Company on February 14, 2026, the disclosure indicated that the number of shares in the acquisition, amounting to 14.25 million shares, is currently half of the capital of Ajdan (50%) instead of the previous percentage of 47.5%, and the company confirmed that this shift in percentage is due to the change in the capital structure of the target company (Ajdan) and not as a result of an amendment to the terms of the original agreement.
Ratal has stressed that this development will not entail any change in the economic or legal conditions of the deal; where the number of shares targeted by the acquisition remained constant at 14.25 million shares, and the company confirmed that the agreed-upon fee remains without any amendment, which is the issuance of 55 million new ordinary shares in Ratal in favor of Al-Fouzan Holding Company, which maintains the percentage of the initiative approved in advance between the two parties.
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