Disclosure of Material Information Form — Carina Views Property Development Limited (Reem Island, Abu Dhabi): Sale and Purchase Agreement executed for AED 400M, expected profit of KD 8.2M in Q3 2026.
Material information form
Title of the material information * :
Supplementary disclosure regarding a subsidiary
Material information * :
Further to the disclosure issued by National Real Estate Company K.P.S.C. (the "Company") on 20 July 2026 regarding one of its subsidiaries, Carina Views Property Development Limited, the Company would like to announce that a Sale and Purchase Agreement and all documents required for the transfer of ownership of the company's shares in its subsidiary (Carina Views Property Development Limited) which owns two plots of lands located on Reem Island, Abu Dhabi, United Arab Emirates, with a total area of 13,001 square meters have been duly executed. Pursuant to the final terms of the Sale and Purchase Agreement, the total consideration is AED 400,000,000 and the buyer, upon signing the agreement, submitted a certified manager's cheque in the amount of AED 200,000,000 for the transfer of 50% of the shares of Carina Views Property Development Limited to the buyer (the initial completion of the transaction). The buyer also undertakes to pay an additional amount of AED 120,000,000 four months after the date of execution of the initial completion of the transaction for the transfer of ownership of 30% of the shares of Carina Views Property Development Limited (Second Completion), provided that this amount is guaranteed by a dated check due on the agreed payment date. The remaining amount of AED 80,000,000, being part of the total sale consideration, is subject to a put option in favor of the existing shareholders of Carina Views Property Development Limited, which may be exercised pursuant to the Sale and Purchase Agreement within one year from the date of the second completion. In the event that the Put Option is not exercised, the existing shareholder of Carina Views Property Development Limited shall have priority with respect to future distributions from the development of the properties owned by Carina Views Property Development Limited until the total amount received reaches AED 150,000,000. Comprising the AED 80,000,000 remaining amount and additional distributions of AED 70,000,000. Accordingly, the sale consideration will amount to AED 470,000,000, equivalent to approximately KWD 39,207,400. The Company confirms that it is expected to record a profit of approximately KD 8.2 million during Q3 2026 in the income statement. This amount will be reflected as an increase in shareholders'equity on the balance sheet. Additional profits might be expected to be recognized in the future depending on the decisions surrounding the put option. Once this agreement is fully concluded and the company realizes AED 400m, the net debt of the group is expected to reach approximately KD 100 Million.
Date of the material information * :
16/09/2026
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