AlBaha Investment and Development Co. has extended the acquisition agreement for Al-Marakiz Al-Raqiyah Ltd. until July 2, 2017 to complete the required procedures, the company said in a statement Tuesday.
The Saudi investment firm inked an agreement in October— which expires on March 31, 2017— to buy the supermarket operator for SAR 145 million.
AlBaha was able to extend the agreement after the CMA approved its plans for capital raise, which aims to raise capital to SAR 295 million from SAR 150 million by issuing 14.5 million ordinary shares, in order to be able to complete the acquisition.
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