Taiba’s OGM approves Al Aqeeq stake acquisition

Shareholders of Taiba Holding Co. approved on Sunday a deal to buy out its subsidiary, Arab Resort Areas Co.’s (ARAC) entire stake in Al Aqeeq Real Estate Development Co., the Saudi-listed company said in statement on Tadawul.

Upon completion of the deal, Taiba will raise its direct ownership in the developer to 98.01 percent.

Al Aqeeq’s fair value was determined at SAR 21/share, totaling SAR 62.98 million, to be paid in cash.

Taiba board members, namely Waleed Mohammad Al-Issa, Turki Al-Sudairi, and Ghassan Shalaby will be related parties.

In January, Taiba signed a memorandum of understanding (MoU) with shareholders of Al Aqeeq Real Estate Development to acquire an 8.1 percent stake in the company for SAR 255.23 million, Argaam reported.

ARAC general assembly has recently approved the Al Aqeeq’s stake sale deal.