Riyadh - Mubasher: Retal Urban Development Company has reached an agreement with Al Fozan Holding to extend the termination date of their share swap agreement to 31 December 2026.

The extension is intended to provide additional time to satisfy the conditions precedent outlined in the original contract.

The transaction, first announced on 15 February 2026, involves Retal acquiring 14.25 million ordinary shares in Ajdan Real Estate Development Company. This equity represents a 47.50% stake in Ajdan.

Under the terms of the acquisition, Retal will increase its capital by issuing new ordinary shares to Al Fozan Holding in exchange for the stake.

The company stated that this delay in the previously anticipated timeline will have no impact on its financial statements.

All other terms of the agreement remain in effect as the parties work toward completing the regulatory and contractual requirements for the capital increase and subsequent share transfer.

In July, Retal entered into two conditional agreements with ROSHN Group to acquire and develop residential land within the Al Manar Community in Makkah at a value of SAR 123.83 million.