Riyadh – Mubasher: The general assembly of the Arab Resort Areas Company (ARAC) approved on Sunday selling its shares in Al Aqeeq Real Estate Development to Taiba Holding.

The Saudi-listed company noted that it will hold its general assembly later to complete the rest of the necessary regulatory procedures, according to a bourse filing.

Earlier this month, Taiba had signed an agreement with ARAC to buy its share in Al Aqeeq, representing 1.99% of its capital worth SAR 62.98 million.

Taiba owns 86.87% of ARAC’s capital and 89.89% of Al Aqeeq.