Riyadh – Mubasher: Al Baha Investment and Development Company signed an extension for the acquisition of Al Marakiz Al Raqiyah Ltd.
The deal term was extended until 2 July 2017, according to a bourse filing on Tuesday.
The company said that the extension came after the approval of the Capital Market Authority (CMA) on Al Baha’s capital hike for the purpose of acquiring all the equity stakes of the partners at Al Marakiz Al Raqiyah.
The earlier-announced acquisition will end on 31 March, so the firm signed an extension to be able to finalise all the regulatory procedures and call for the extraordinary general meeting (EGM).
The CMA had approved on Monday the prospectus associated with Al Baha’s request to increase its capital from SAR 150 million to SAR 295 million.
