AlBaha obtains CCP nod for High End Centers buy-out

AlBaha Investment & Development Co. has obtained the approval of the Saudi Council of Competition Protection (CCP) on its request of “economic concentration” for the acquisition of High End Centers LLC, the company said in a statement on Saudi bourse, Tadawul.

Earlier this month, Saudi investment firm said it resubmitted a request to the Capital Market Authority (CMA), the kingdom’s market regulator, to increase its capital ahead of acquiring High End Centers.

In October, the company inked an agreement to buy the supermarket operator for SAR 145 million, which is to be paid for by issuing 14.5 million ordinary shares to the shareholders of the target company, Argaam reported.

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