Riyadh-Mubasher: Al-Ahsa Development Co. said the board approved subscription to 3 million shares in in Industrialization & Energy Services Co. (TAQA) at a par value of SAR 10 each, to be financed from the company’s cash sources.

The shares were not subscribed to by an investor during a recent capital increase, Al Ahsa said in a statement to Tadawul on Sunday.

 The allotment will be made as per the coverage ratio of subscribed shares.

It is difficult to assess any financial impact at this time, Al Ahsa added.