Taiba Holding Co. has received the approval of the Capital Market Authority (CMA), Saudi market regulator, on increasing its capital from SAR 1.5 billion to SAR 1.6 billion, through issuing 10.76 million shares, according to a CMA statement.
The capital increase will likely finance the acquisition of Al Aqeeq Real Estate Development Co. and Arab Resort Areas Co. (ARAC).
Taiba had inked an agreement to acquire an 8.1 percent stake valued at SAR 255.2 million in Al Aqeeq Real Estate Development Co., and to purchase an equity of 12.31 percent, valued at SAR 106.4 million in Arab Resort Areas Co.’s (ARAC), Argaam reported.
Taiba will raise its equity in Al Aqeeq from 91.89 percent to 100 percent, and its stake in ARAC from 86.87 percent to 99.20 percent upon completing the acquisition.
Al Aqeeq has a market value of SAR 3.1 billion, while ARAC’s market value reaches SAR 725 million.
The acquisition came as part of Taiba’s revamp strategy for 2017-2021, in line with Saudi Vision 2030.
Comments
{{DisplayName}}
{{ElapsedTime}}