announcement out

Alara and its JV partner (Manajem) have completed the execution of formal agreements that give effect to the provisions of the Heads of Agreement announced on 14 March 2014 which will raise Alara’s equity in the Khnaiguiyah Project from 50% to 60%.
? Alara will now make arrangements for a General Meeting in order to obtain shareholder approval of the equity terms of the agreement as announced.
? Effective immediately Alara will assume management of the JV. The new KMC Board will be led by its inaugural Chairman, HRH Prince Abdullah bin Mosaad bin Abdulaziz Al Saud.
? The updated JV, under Alara’s leadership, will progress Khnaiguiyah through the next Project phases, namely: finalise the DFS upside opportunities, project finance, award of the EPC construction contract and establishment of the Owner’s Team.