Alhokair inks final deal to sell its stake in Trade Center to Kingdom Holding’s subsidiary

07/11/2019 Argaam

 

Fawaz Abdulaziz Alhokair Co. has signed a final agreement with Kingdom Investment and Development Co., a subsidiary of Kingdom Holding Co. (KHC), to sell its stake in Trade Center Co. Ltd for cash consideration of SAR 223.68 million.

 

The book value of the sold stake is SAR 94 million, Alhokair said in a bourse statement.

 

The seller will issue a legal agency for the representatives of Kingdom Investment for the purpose of transferring ownership of these shares upon receipt of its net financial dues.

 

Alhokair’s board of directors has previously decided to exit all non-retail investments to expand in this field in the Kingdom and other operating countries.

 

In a separate statement, Kingdom Holding said it has increased its investment in Trade Center by SAR 224 million.

 

Last month, Kingdom Investment and Development Co., a closed joint stock Company that owns a majority stake in Trade Center, signed a binding memorandum of understanding (MoU) with Fawaz Abdulaziz Alhokair Co. to buy its full stake of 9.32 percent in Trade Center Co. Ltd for cash consideration, Argaam reported earlier.

 

Trade Center Co. is the owner of Kingdom Tower, and Kingdom Commercial Market in addition to the Four Seasons Hotel in Riyadh and a number of other plots of land on Dammam Road.

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