Riyadh – Mubasher: Taiba Holding Company (Taiba) on Tuesday signed a deal with a number of Arab Resort Areas Company’s (ARAC) shareholders to buy a 0.326% stake of ARAC’s capital in return of issuing new shares in Taiba.
This deal is part of two agreements allowing the Saudi real estate developer to acquire minority stakes in ARAC and Al Aqeeq Real Estate Development Company (Al Aqeeq), according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Taiba currently owns a 91.89% stake in Al Aqeeq and 86.87% shares of ARAC.
After completing the new takeovers, Taiba will have 100% of Aqeeq and 99.53% of ARAC, according to the statement.
Taiba’s stocks in Al Aqeeq are valued at SAR 255.2 million, while its shares in ARAC are worth SAR 109.2 million, the statement added
Taiba will increase its capital to SAR 1.6 billion from SAR 1.5 billion through issuing 10.64 million shares for Al Aqeeq’s and ARAC’s shareholders.
It is expected that the acquisition agreements will be positively reflected in the company’s profits, according to the statement.
