The Legal Procedures of Al Nafisi Shareholding are Finished as a Prelude for Paying Back the Rights of the Shareholders

04 Mar 2014
The MCI Real Estate Shareholding Commission has finished on Tuesday the legal procedures for ownership transfer of Makkah land belonging to Salah  Al Nafisi shareholding. The Executive Judge at the First Section of Public Court in Makkah , Sheikh Mohammed bin Saad Al-Abdali has transferred the ownership of the mentioned land in favor of the coalition buyers, Sumou Real Estate Company and  Real Estate Development Company. The value of the land has been received amounting  to one billion , one hundred and ninety seven million riyals.
The Commission explained that in the coming days the announcement on the payment mechanism for the first phase will be done, this is after finishing the accounting works and then the due amounts of the shareholders will be deposited directly to their accounts which have been updated recently. 
The mentioned  Commission  invited the shareholders who did not update their data and who did not deliver yet the original documents of the shareholding or the stock  bonds  to contact soon the nearest branch of the Arab National Bank  after filling the updating form through visiting the website of the bank or the website of the Real Estate Shareholding Commission
The commission  had set up a public auction late last year to sell the land of Makkah with a total value of one billion and one hundred and ninety seven million riyals , under the direct supervision and the great efforts made by the Execution Judge Shaikh Mohammed Al Abdali (May Allah bless him)  , this is as an extension of the big role  provided by the Executive Judges , the Ministry of Justice and the concerned authorities to liquidate the outstanding and tripped Shareholdings , which the Commission is trying to pay back the rights of thousands of shareholders affected by the faltering of those shareholdings.
Last Modified 25 Dec 2018