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SANAM Holding Group announced the successful completion of its capital increase subscription, with the issuance of 110,250,000 new shares. Following the completion of official procedures, the company’s capital will rise to KD 22,050,000. The offering was oversubscribed by an exceptional 618%.

Commenting on the achievement, Mr. Waleed Hamad Al-Sumait, Chairman of Sanam Holding Group, stated:

“We are proud of this remarkable milestone, which represents a pivotal step in the Group’s journey. The overwhelming response to the offering reflects the shareholders’ strong confidence in SANAM’s strategic direction and long-term vision for sustainable growth.”

Dr. Sulaiman Tareq Al-Abduljader, Vice Chairman and CEO of SANAM Holding Group, expressed his appreciation for the shareholders’ support, saying:

“We sincerely thank our shareholders for their renewed trust in SANAM Holding Group. Their confidence inspires us to stay the course in executing our strategic vision and delivering on our commitments.”

He added:

“This capital increase forms a cornerstone of our transformation strategy, which is centered on Alternative Investments across key sectors such as education, healthcare, and industry. Our objective is to generate attractive, long-term returns for our shareholders.”

Dr. Al-Abduljader concluded:

“We would also like to extend our gratitude to the Capital Markets Authority, Boursa Kuwait, Kuwait Clearing Company, and Al Masar Leasing and Investment Company—the investment advisor—for their instrumental roles in facilitating and overseeing the regulatory procedures related to the offering, which were completed smoothly and in accordance with the highest professional standards.”

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SANAM Group Holding Company (KPSC) is pleased to announce a public rights issue for its shareholders through a capital increase. A total of 110,250,000 new shares will be offered at a price of 100 fils per share.

Subscription Timeline

• Cum Date: June 22, 2025
• Ex Date: June 23, 2025
• Record Date: June 25, 2025
• Start of Subscription Period: June 29, 2025
• Start of Trading Rights Issue: June 29, 2025
• End of Trading Rights Issue (Inclusive): July 13, 2025
• End of Subscription Period (Inclusive): July 20, 2025
• Allocation of Offering Shares: July 27, 2025 (if the subscription period has ended)
• Refund of Subscription Amounts: Within five (5) business days from the allocation date

Shareholders are encouraged to review the detailed subscription terms and take timely action to participate in this rights offering opportunity.

In a pioneering move to enhance healthcare standards in Kuwait, King’s College Hospital Dubai, and MEDCAP Medical, a subsidiary of Sanam Real Estate, have signed a clinical collaboration. This alliance aims to improve medical services, drive innovation, and introduce world-class healthcare solutions to the region with MEDCAP’s new medical center.

Aligning with Kuwait Vision 2035, this partnership seeks to expand access to leading medical expertise, as well as integrating the latest healthcare technologies, and empowering local medical professionals.

Advancing Healthcare in Kuwait

MEDCAP Medical, with its deep understanding of local healthcare needs and its strong commitment to patient care, is collaborating with leading international healthcare experts on a new medical center that introduces a visiting program with state-of-the-art medical care at its facility in Kuwait. The new MEDCAP medical center will integrate the latest medical technologies and specialized services, with a strong focus on patient experience and clinical excellence.

King's College Hospital Dubai continues its commitment to providing the Best of British Healthcare through this strategic partnership, focused on delivering quality care to the people of Kuwait. Under King’s comprehensive medical tourism services, this partnership offers much more than basic consultations, the robust system includes Multidisciplinary Team (MDT) meetings, acceptance of international referrals, and thorough follow-up care. This integrated approach ensures patients experience seamless, high-quality care throughout their medical journey between King's College Hospital Dubai and the new MEDCAP medical center, demonstrating a shared dedication to healthcare excellence for the Kuwait community.

Leaders Speak: A Shared Commitment to Excellence

"We are pleased to collaborate with MEDCAP Medical, as we believe that this partnership will contribute to enhancing the quality of healthcare and fostering innovation in medical services in Kuwait. We are committed to supporting advanced healthcare backed by global medical expertise, allowing patients access to the latest treatments and medical technologies. Our approach is designed for our experts to visit the new MEDCAP Medical center and collaborate with local doctors. Additionally, it allows local doctors the option to refer patients to us for a second opinion, thereby enhancing the quality of medical advice available.” Said Kimberley Pierce, CEO, King’s College Hospital Dubai

Dr. Sulaiman Al-Abduljader, Chairman of MEDCAP Medical, also emphasized the significance of this strategic collaboration, stating:

"We are proud of this strategic alliance, which will enable us to deliver cutting-edge medical solutions that improve quality of life and enhance healthcare services in the region."

Dr. Al-Abduljader further highlighted that the new medical center will include a comprehensive rehabilitation center equipped with the latest medical and rehabilitative devices to ensure optimal recovery and performance, whether in preventive treatment or post-surgical rehabilitation. The facility will also feature an advanced radiology unit and a fully integrated medical laboratory, allowing patients to access specialized and comprehensive services that meet the highest international standards.

A Hub for Innovation in Rehabilitation and Diagnostics

The facility will include a state-of-the-art rehabilitation center featuring the latest therapeutic and post-surgical recovery technologies to ensure the best patient outcomes. Additionally, it will house a world-class radiology unit providing precise diagnostic imaging to support accurate medical assessments and treatment plans. The medical center will also feature an integrated laboratory, offering advanced testing capabilities that enhance early detection and personalized care.

The rehabilitation services will be designed to support patients throughout their recovery journey, combining expert medical supervision with the latest rehabilitation techniques to promote faster healing and improved quality of life.

King’s College Hospital Dubai: Advancing Medical Education and Knowledge Exchange

As part of a broader commitment to medical excellence and professional development, a series of specialized medical symposiums will be launched in Kuwait to facilitate knowledge exchange, skill enhancement, and professional networking. These events will bring together leading global experts and local medical professionals to discuss key medical advancements, innovative treatment approaches, and the latest research, supporting the continuous development of healthcare providers in Kuwait.

Legal Disclaimer: The new medical facility in Kuwait is MEDCAP Medical Center and it is not affiliated with or branded as King’s College Hospital London or Dubai. King’s College Hospital Dubai’s involvement is limited to clinical advice and medical collaboration only, with no direct affiliation.

The Board of Directors of SANAM Real Estate Company held its meeting today, Monday, March 17, 2025, at 1:30 PM, during which the following resolutions were approved:

• Approval of the consolidated financial statements for the fiscal year ended December 31, 2024.
• Recommendation to the General Assembly to distribute free bonus shares equivalent to 5% of the authorized, issued, and paid-up capital (five shares for every one hundred shares) for the fiscal year ended December 31, 2024, bringing the capital to KD 11,025,000.
• The Board of Directors reviewed the previous recommendation to increase the capital and resolved to proceed with a 100% capital increase (after adding the bonus shares) as follows:

An increase in the authorized, issued, and paid-up capital by KD 11,025,000 through the issuance of 110,250,000 shares at a nominal value of 100 fils per share, with no issuance premium. All shares will be cash contributions, bringing the total capital to KD 22,050,000, subject to regulatory approvals.

These approvals reflect SANAM Real Estate's strategic financial planning and commitment to sustainable growth and shareholder value enhancement.

SANAM Real Estate Company’s Board of Directors convened on Monday, March 10, 2025, at 1:30 PM to discuss strategic decisions regarding the company’s growth and expansion.

As part of its investment strategy, SANAM Real Estate has approved the acquisition of a 30.285% stake in an educational company for a total value of USD 6,075,000 (equivalent to KWD 1,873,200). This transaction involves a related party and aligns with SANAM’s vision for long-term investments in high-growth sectors.

Additionally, the Board approved a major transformation plan and will submit the following recommendations to the General Assembly for approval:

• Transitioning SANAM Real Estate from a real estate-focused company to a holding company.
• Amending the company’s Articles of Association and Memorandum of Association to align its business operations with Sharia-compliant principles.
• Approving a 100% capital increase at par value (100 fils per share), with no issuance premium.

The capital increase will raise SANAM’s authorized, issued, and paid-up capital from KWD 10,500,000 to KWD 21,000,000, subject to the approval of relevant regulatory authorities. All shares issued will be in cash, reflecting SANAM’s commitment to financial growth and investor confidence.

These decisions mark a significant milestone in SANAM Real Estate’s evolution and strategic repositioning, paving the way for diversified investment opportunities and enhanced shareholder value.

Arzan Financial Group for Financing and Investment and Sanam Real Estate have announced a joint investment alliance to acquire 75% of the shares of the National Medical Industries Company (NATMED), a leading Kuwaiti company in the market of consumer products, food services, and medical consumables.

Commenting on this transaction, Jassem Hassan Zainal, Vice Chairman and CEO of Arzan Financial Group, stated: "This alliance reflects our strategy to invest in companies with competitive advantages and sustainable profitability. The National Medical Company was selected based on its solid position in the local market and its provision of products and services that meet the needs of various sectors. This acquisition represents a new step in the group's efforts to enhance its investment portfolio through high-quality, low-risk opportunities."

In the same context, Dr. Sulaiman Tariq Al-Abduljader, Vice Chairman and CEO of Sanam Real Estate, said: "We are delighted to collaborate with Arzan Financial Group in this strategic alliance, which aligns with our plans to expand and diversify income sources to enhance the company's performance and achieve our sustainability goals. This transaction will contribute to reinforcing Sanam's investment strategy, which is based on diversification and achieving stable returns. We are currently working on completing the acquisition procedures with the Competition Protection Authority and other official entities, and updates will be announced in due course."

NATMED was established in 1989 and is considered one of Kuwait's leading companies in the fields of consumer products, food services, and medical consumables. Its annual turnover exceeds 13 million Kuwaiti Dinars, with a focus on packaging, storage, and manufacturing activities for medical and food materials. The company boasts a broad range of more than 2,000 products and is the primary supplier to hotels, medical centers, restaurants, and supermarkets in Kuwait.

Dr. Sulaiman Al Abduljader, Vice Chairman and CEO of SANAM Real Estate, announced the signing of a strategic alliance with Dr. Muthanna Sartawi to establish an integrated medical center. The announcement was made during the founding assembly meeting of MEDCAP Medical, a subsidiary of SANAM. Dr. Al Abduljader praised Dr. Sartawi's expertise and competence, as well as his regional and international reputation in orthopedic surgery and his development of advanced new systems in this field.

Dr. Al Abduljader also highlighted the signing of a Memorandum of Understanding with a global medical care company. The strategic alliance with Dr. Muthanna Sartawi and the healthcare company aligns with Kuwait’s Vision 2035, which aims to enhance and improve the quality of healthcare services provided in accordance with the highest global standards.

This initiative also seeks to develop national capabilities by targeting and empowering the best medical professionals while benefiting from the global expertise the medical center will offer, thus contributing to sustainable health development.

In this regard, Dr. Muthanna Sartawi appreciated the strategic partnership with SANAM Real Estate, aimed at achieving high-quality healthcare managed efficiently under the latest global healthcare systems. He noted that the medical center is in the process of being equipped and obtaining licenses from the relevant authorities. The center will include a world-class rehabilitation center specializing in physical therapy, equipped with the latest medical and rehabilitative devices, and highly trained staff to achieve optimal performance in both proactive physical therapy and post-surgical rehabilitation.

The medical center will also feature a radiology center and a laboratory to provide comprehensive services to patients and visitors, all with the main goal of offering world-class services.

About SANAM Real Estate

SANAM Real Estate, headquartered in Kuwait, is a publicly listed company founded in 1982 and listed on the Kuwait Stock Exchange in 2004 with a paid-up capital of 10.5 million Kuwaiti Dinars. The company specializes in long-term and strategic real estate investments in emerging markets. SANAM focuses on investing in high-quality real estate and innovative companies and projects, in partnership with specialized management teams and international partners, to achieve investment returns aligned with the region's sustainable development goals.

About Dr. Muthanna Sartawi

Dr. Muthanna Sartawi is a consultant orthopedic surgeon and Director of the Rapid Recovery Center for Joint Replacement at King's College Hospital in Dubai. Dr. Sartawi holds several patents registered with the U.S. Patent and Trademark Office in the field of orthopedic surgery. He is known for developing an innovative technique and specialized program for knee replacement surgeries using minimally invasive methods, allowing surgeries to be performed in a single day and significantly accelerating patient recovery.

Dr. Sartawi has performed over 3,000 successful surgeries with a success rate of 98%. His innovative techniques have earned him significant recognition, including awards from the Emir of Kuwait, the Crown Prince, the Minister of Health, and the Dubai Health Authority. Dr. Sartawi holds both American and Canadian board certifications in orthopedic surgery and is a specialist fellow at Rush Hospital in Chicago, one of the top orthopedic hospitals in the U.S.

Sanam Real Estate Company has established “Sanam Capital Holding W.L.L” with a capital of 250,000 KD as a subsidiary company, and the shares were distributed among the partners as for Sanam Real Estate Company K.P.S.C share is 99% and Sanam Innovation Holding Company W.L.L share is 1% (a subsidiary of Sanam Real Estate Company).

The Evli Emerging Frontier Fund has acquired a stake of 5.65% in Sanam Real Estate Company. Evli, a leading Asset Management Company based in Finland managing approximately 18 billion euros, received the award for the Best Asset Management Company in Finland according to Kantar Prosperas survey. The fund also won the Lipper award for the Best Emerging Markets Equity Fund in Europe in 2023. In response, Dr. Sulaiman Al Abduljader, Vice Chairman & CEO of Sanam Real Estate Company commented, "We are delighted to have the Evli Emerging Frontier Fund as one of the major shareholders of Sanam, known for their adherence to professional standards and commitment to the Principles of Responsible Investing.

“The Board of Directors of Sanam Real Estate Company recommended the distribution of 5% bonus shares to the companys shareholders. Following the meeting, Dr. Sulaiman Al-Abduljader, Vice Chairman and CEO, said: "Sanam achieved a profit of KD 720,155 for the fiscal year ended 31 December 2023, compared to a loss of KD 1,329,588 for the year 2022, and earnings per share amounted to 8.06 fils per share for the year 2023 compared to a loss of (15.62) fils per share for the year 2022. Dr. Sulaiman Al-Abduljader added: The reported earnings stand as a reflection of the restructuring carried out by the company and the activation of the transformation plan towards growth, diversification of sectors and the sustainable development of the companys returns. The company had announced last August the signing of a memorandum of understanding for a strategic partnership with Kuwait Real Estate Company and ERADAT International Real Estate Company, through a diversified real estate portfolio with attractive returns allowing for periodic distribution of profits to shareholders. It also succeeded in reducing and increasing the companys capital by a subscription coverage ratio of 279%. SANAM also entered a strategic partnership to develop a project in the United Arab Emirates. Dr. Sulaiman Al-Abduljader concluded the statement by saying: 2023 results are satisfactory, and we look forward to maximizing shareholders return in the next phase.

The Board of Directors approved during its meeting on Thursday 28/12/2023 the increase in the capital of the subsidiary company – Sanam Limited – Dubai (which is 100% owned by Sanam Real Estate Company) to reach AED 50 million through the entry of an investor of 50% of the subsidiarys capital (AED 25 million – cash increase).

Mr. Waleed Hamad Al-Sumait, the Chairman of the Board of Directors of Sanam Real Estate Company, announced the successful completion of the capital increase subscription process, with a subscription coverage of 279% of the targeted amount, which is 2.164 million Kuwaiti Dinars. This was achieved by offering 21.64 million shares, representing an increase of 27.63% of the total issued and paid-up capital, bringing the companys capital to 10 million Kuwaiti Dinars. The subscription period ran from September 24th to October 12th of this year, with participation from shareholders. Regarding this matter, Mr. Waleed Hamad Al-Sumait stated that the goal of the capital increase subscription is to support the companys financial position in line with the strategy set by the Board of Directors. He noted that the proceeds from the capital increase will be directed towards developing the companys operations to maximize its returns, continue its plans, and achieve its future goals. He expressed his appreciation for the shareholders trust, as reflected in the subscription results. Dr. Suleiman Al-Abduljader, Deputy Chairman of the Board of Directors and CEO, expressed his satisfaction with the success of the subscription process and the strong interest shown by the shareholders. He highlighted that the subscription process met all the necessary regulatory procedures for issuing the shares. The CEO of Sanam Real Estate Company also praised the role of the Capital Markets Authority, the Kuwait Stock Exchange, and the Kuwait Clearing Company in the success of the capital increase process. He extended his thanks to Al Masar Investment Company, the investment advisor, for professionally managing the subscription process.

Aqarat - Kuwait Real Estate Company and Sanam Real Estate Company announced the signing of a preliminary agreement to enter a strategic partnership. This collaboration aims to introduce unique real estate products through a company partnership that is shariah compliant, named ERADAT International Real Estate Company. The partnership will result in a company with a diversified real estate portfolio, offering rewarding returns and enabling the distribution of periodic dividends to shareholders. Notably, this marks the first collaboration between these two entities, with a primary objective of delivering innovative and sustainable solutions within the realm of real estate investment. Following the signing of the preliminary agreement, the capital of ERADAT is poised to exceed KD 13 million. Aqarat - Company will be holding a majority share of 62.5%, while Sanam Real Estate Company will hold a share of 37.5%, after the completion of the strategic partnership procedures.

On Wednesday 09/08/2023 the Board of Directors of Sanam Real Estate Company reached a preliminary agreement through its subsidiary “ERADAT International Real Estate Company K.S.C.C” with a public shareholding real estate company, to increase the capital of Eradat International Real Estate Company to reach KD 13,163,000. (The current capital of Eradat International Real Estate Company is 6,798,697 KD, and the accumulated losses will be amortized to bring the capital to 4,940,000 KD). Provided that the aforementioned capital increase be in-kind with a value of KD 8,223,000, representing 62.47% of the company’s capital (the in-kind increase consists of real estate with a total value of KD 49,463,000 and a net value of KD 8,223,000 after excluding the bank facilities granted with its guarantee). Thus, the share of Sanam Real Estate Company becomes 37.53%, equivalent to KD 4,940,000 of the capital, afterwards becoming an associate company.

The General Assembly Meeting of Sanam Real Estate Company was held on Thursday, July 27, 2023, at the company's headquarters. During the meeting, the assembly approved the resignation submitted by the members of the Board of Directors and elected a new Board for the next three years. The newly elected members are:

• Mr. Waleed Hamad Al-Sumait - Chairman (Representative of Wafra International Investment Co.)
• Dr. Sulaiman Tareq Al-Abduljader - Vice Chairman & CEO
• Mr. Sulaiman Mohamed Al-Furaih - Board Member (Non-Executive)
• Mr. Saad Nasser Al-Muneefi - Board Member (Non-Executive)
• Mr. Bandar Sulaiman Al-Jarallah - Board Member (Independent)

The newly formed Board of Directors brings extensive expertise in various economic fields, with a strong capability to manage investments and develop strategic plans. Sanam Real Estate Company views this transition as a new chapter of success and ambitions to maximize shareholder value.

On Monday, July 17, 2023, the postponed Extraordinary General Assembly of Sanam Real Estate Company convened at the company's headquarters and approved the following:

First: To reduce the company's authorized, issued, and paid-up capital from KD 12,218,500 to KD 7,835,095, amounting to a reduction of KD 4,383,405, by canceling 43,834,050 shares, including the cancellation of the treasury shares balance of 872,600 shares at nominal value. The reduction also involved settling the treasury dividend reserve and offsetting the issuance premium with the accumulated losses.

Secondly: Approval to increase the authorized, issued, and paid-up capital from KD 7,835,095 to KD 10,000,000 in cash by issuing 21,649,050 shares with a nominal value of 100 fils per share and without an issuance premium, amounting to KD 2,164,905, representing a 27.63% increase of the company's capital after the reduction.

On Monday 17/07/2023 Sanam Real Estate Company Board of Directors approved during it’s meeting the consolidated financial information indicating the Net Profit of the shareholders of the mother company in the amount of 7,269 KD for the period ending in 30/06/2023.

The Ordinary General Assembly of ERADAT International Real Estate Company was held on Thursday, July 13, 2023, at the company’s headquarters and approved the resignation submitted by the members of the Board of Directors in full. The following individuals were elected to the Board of Directors for the next three years:

1. Dr. Sulaiman Tareq Al-Abduljader – Chairman
2. Mr. Waleed Al-Sumait – Vice Chairman
3. Mr. Fawaz Al-Roudan – Independent Board Member
4. Mr. Saad Al-Muneefi – Board Member
5. Mr. Bader Al Hajeri – Board Member and CEO

The new Board of Directors brings extensive experience in various fields of economic work and demonstrates exceptional capability in managing investment files and developing strategic plans. ERADAT International Real Estate Company looks forward to a new era of achievements and ambitions, aimed at delivering maximum benefits to shareholders.

Sanam Real Estate Company (K.S.C.) established “Sanam Innovation Holdings WLL” with a paid up capital of 250,000 KD as a subsidiary company, and the shares were distributed among the partners as follows: Sanam Real Estate Company 99.6% , Fanan Real Estate 0.4% (a subsidiary of Sanam Real Estate)

On 06/09/2022, Sanam Real Estate Company signed a preliminary agreement to purchase an investment property in the Farwaniya area with a value of KD 2,300,000. The Farwaniya area is one of the areas characterized by a high population density, and the property was selected according to the strict criteria set by the company aligned with its transformation plan in 2022.

The subsidiary company “ERADAT International Real Estate” held its extraordinary general assembly meeting on Wednesday, June 7, 2023. The following agenda items were approved:

1. Increasing the company’s capital through an in-kind capital increase from 4,300,000 KD to 6,798,697 KD.
2. Changing the company’s name from Fanan Real Estate Company to ERADAT International Real Estate Company.
3. Approving that the company conducts its activities in accordance with the provisions of Islamic Sharia law.
4. Allowing the ordinary general assembly, based on the proposal of the board of directors, to approve the distribution of profits at periodic intervals.

The Board of Directors approved during its meeting on Thursday, May 11, 2023, to exchange properties with its subsidiary company (Fanan Real Estate Company) as follows:

1. Selling the property in Farwaniya from Sanam Real Estate Company to its subsidiary company, Fanan Real Estate Company, at a book value of KD 2,240,000.
2. Transferring the right of use of land in the United Arab Emirates – Dubai, from the subsidiary company Fanan Real Estate to a subsidiary of Sanam Real Estate Company to be established in the UAE, with a book value of KD 1,251,056.
3. The Board of Directors approved the in-kind increase of its subsidiary's capital in the value of the property owned by Sanam Real Estate Company in the Bneid Al Gar area at a book value of KD 2,700,000.

The Board of Directors of Sanam Real Estate Company held a meeting on 24/03/2022 and decided to appoint Dr. Sulaiman Tareq Al-Abduljader as CEO of the company as of Sunday 27/03/2022.

Dr. Sulaiman Tareq Al-Abduljader has more than 17 years of practical experience, during which he held many leadership positions in companies operating in the real estate, investment, and finance sectors. These roles have enabled him to analyze market trends effectively and achieve significant accomplishments in local, regional, and global investments.

Dr. Sulaiman's previous roles include:

• Vice President of Corporate Finance Group at Coast Investment and Development Company
• Vice Chairman of the Board of Directors of Aqar Real Estate Investment Company
• Membership in boards of directors of several companies and institutions

The Board of Directors of Sanam Real Estate Company met on Monday 14/03/2022 at 2:30 pm and decided the following:

Determining the legal capacity of the members of the Board of Directors as follows:

• Mr. Walid Hamad Al-Sumait - Chairman of the Board of Directors.
• Mr. Suleiman Muhammad Al-Fraih - Vice Chairman of the Board of Directors.
• Mr. Yousef Suleiman Al-Hanaef - Member of the Board of Directors - Non-Executive.
• Mr. Abdullatif Saad Al-Dosari - Member of the Board of Directors - Non-Executive.
• Mr. Fawaz Abdul Aziz Al-Roudhan - Member of the Board of Directors - Independent.

The Board also approved the resignation submitted by Mr. Ali Abdulaziz Al-Nammash - Acting CEO, effective March 14, 2022.

The members of the new board of directors bring extensive experience in various fields of economic work and possess a strong ability to manage investment portfolios and develop strategic plans.

A letter submitted to Sanam Real Estate Company, dated 9th February 2022, was received from a group of shareholders owning more than 25% of the company’s capital. The shareholders requested the company’s board of directors to call for a general assembly to discuss the following items:

• Discussing visions and future plans for the company's business during the coming period.
• Discussing the dissolution of the board of directors and the election of a new board of directors.

Sanam Real Estate Company, through its subsidiary company (Fanan Real Estate Company K.S.C. closed), exited from the real estate portfolio of Al-Massar Leasing and Investment Company. The portfolio includes two plots of land in the Kingdom of Saudi Arabia, with a book value of 1,259,719 KD and a selling value of 16,508,310 Saudi Riyals, equivalent to 1,326,294 KD. The exit resulted in an approximate profit of 66,575 KD. It is worth mentioning that Sanam Real Estate Company owns 99.87% of the subsidiary company.