Al-Ahsa Development Co. said that it made a payment of SAR 20.4 million for its 50 percent stake in the capital increase of Industrialization and Energy Services Co. (Taqa).
The company paid for the transaction through its internal resources on April 29, it said in a statement to Tadawul.
Al-Ahsa said it controls 1.36 percent of Taqa’s capital, adding that it will not be possible to assess the financial impact at the current time.
Last November, Taqa’s general assembly decided to increase the company’s capital to SAR 5 billion from SAR 2 billion, according to Argaam.
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