Al Baha resubmits capital hike request ahead of acquisition

02/11/2016 Argaam

Al-Baha Investment and Development Co. on Wednesday resubmitted a request to the Capital Market Authority (CMA), the kingdom’s market regulator, to increase its capital ahead of acquiring High End Centers.

 

Further developments will be disclosed, the company said in a statement to Tadawul.

 

In July, Al-Baha withdrew its request to take over High End Centers in order to complete the regulatory requirements.

 

The Saudi investment firm last month inked an agreement to buy the supermarket operator for SAR 145 million, which will be paid by issuing 14.5 million ordinary shares to the shareholders of the target company.

 

The acquisition will be implemented with a swap ratio of 2.9: 1 in High End Centers, which has SAR 50 million in capital.

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