Arkaan Real Estate P.L.C (Palestine)

The Company main activities are concentrated in financial investments sector and real estate development and investment sector.
The Company was incorporated in Ramallah, Palestine on 21 February 2022, and registered with the Ministry of National Economy as a private limited shareholding company under registration no. (562764050). On 17 May 2022, ARKAAN's legal status changed from a private limited shareholding company to a public limited shareholding company under registration number (562601575). On 22 March 2022, the extra-ordinary general assembly of Palestinian Telecommunication Company (PALTEL) took the decision to distribute shares for PALTEL shareholders in a newly created entity (Arkaan Real Estate), with the aim of transferring real estate assets and investment portfolio to it. The distribution was on the basis of 1:1, wherein PALTEL shareholder would get one share in ARKAAN for each share in PALTEL.
The Company is a limited public shareholding company that aims to achieve sustainable benefit for its customers and shareholders through developing the real estate sector and advancing the development and diversification of the real estate sector In Palestine, in partnership with companies operating in this field locally and regionally.
It s committed to developing and managing qualitative real estate projects at the level of Palestine that keep pace with the latest international standards and specifications.
.
On 10 May 2022, the Palestinian Capital Market Authority has set the date of 28 June 2022 to be the record date of approving the register of eligible shareholders for the shares in ARKAAN. On 3 July 2022, ARKAAN's shares were listed on the Palestine Exchange and trading of its shares began on that date.
The real estate assets and investment portfolio were transferred to ARKAAN on 30 June 2022, based on their book value on that date, pursuant to a decision by PALTEL's Board of Directors on 26 June 2022.
The Company issued and paid-in capital comprises U.S. 131,625,000 at par value of U.S. 1 per share. Net assets in an amount of U.S. 414,747,000 were transferred in exchange for a capital contribution, which resulted in an additional paid-in-capital in an amount of U.S. 253,461,000 and non-controlling interests in an amount of U.S. 29,661,000.
The Company listed on Palestine stock exchange on July 3, 2022.
On 17 May 2022, the company name was changed to Arkaan Real Estate P.L.C (ARKAAN) and the legal status changed from a private limited shareholding company to a public shareholding limited company under registration no. (562601575).