Taiba Holding to acquire minority interest shares in AL Theraa AL Makeen

The board of directors of Taiba Holding Company decided acquiring all minority interest shares in its affiliate; Al Theraa Al Makeen Company.

The shares are held by Taiba’s affiliates and will be purchased at their book value as of June 30, 2014. The deal will be financed by the proceeds of SFB credit agreement.

According to Argaam’s data; Taiba Holding has recently secured SAR 400m tawarruq credit from Saudi Fransi Bank.

Taiba said that this decision was based on receiving compensation for confiscated properties in Madina which improves the company’s liquidity position.

Al Theraa Al Makeen was established in 2008 as an industrial company investing in the chemicals and petrochemical industries.

Al Theraa Al Makeen’s total capital is SAR 1000m divided into 100m shares at SAR 10 per share with a paid in capital of SAR 900m (SAR 9/ share).

Taiba’s current share of Al Theraa Al Makeen is 75.112%.