AlBaha’s Al Marakez finalizes acquisition of Ishraqah Regional Development

16/01/2018 Argaam

Al Marakez Al Raqiyah Limited, a subsidiary of AlBaha Investment & Development Co. (AlBaha), completed on Monday all the regulatory procedures related to finalizing the full acquisition of Ishraqah Regional Development & Real Estate Investment, AlBaha said in a statement on Tadawul.

 

Al Marakez Al Raqia has increased its capital by 15 percent to 5.75 million shares from 5 million shares through issuing 750,000 new shares to fulfill the value of the deal.

 

The selling partners at Al Marakez Al Raqia now own a 13.04 percent stake after the acquisition and new share issuance.

 

In December last year Al Marakez Al Raqia signed a deal to acquire Ishraqah for SAR 28.3 million in cash and SAR 6.5 million through issuing the new shares.

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