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Kingdom Investment and Development buys Alhokair’s stake in Trade Center
Kingdom Investment and Development Co., a subsidiary of Kingdom Holding Co. (KHC), signed a binding memorandum of understanding (MoU) with Fawaz Abdulaziz Alhokair Co. to buy its 9.32 percent stake in Trade Center Co. Ltd.
Deal Value | Method of Finance | Type | Status |
59.70 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
Kingdom Investment & Development Co. - Kingdom Investment & Development | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
The Acquired Party
Trade Center Company Ltd. - TCCL | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | General Retailers |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 24-10-2019 |
Expected date for Completion | 30-12-2019 |
Related Parties
Company | Role |
---|---|
Kingdom Holding Company | Owner |
Fawaz Abdulaziz Alhokair Co. | Seller |
Main Details
The book value of the sold stake is SAR 94 million. Both parties agreed that Kingdom Investment and Development will pay a cash consideration for the stake after deducting all lease values of the existing shops, allocating additional leasing areas to the affiliates of Alhokair and settling all legal claims until the agreement date. The lease values owed by commercial shops will be settled by Alhokair and its affiliates. New contracts will be also drafted to settle the outstanding lease values and pay leases in advance for the next three years.
Note
* Kingdom Investment and Development Co., a subsidiary of Kingdom Holding Co. (KHC), is a closed joint stock company. The company owns the majority stake in Trade Center Co. Ltd. It also owns Kingdom Tower and Four Seasons Hotel Riyadh.
* Alhokair’s board of directors previously decided to exit all non-retail investments to expand in this field in the Kingdom and other operating countries.
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