Riyadh – Mubasher: Al Marakiz Al Raqiyah Ltd signed on Thursday, 14 December, an agreement to acquire 100% of Ishraqah Regional Development & Real Estate Investment Co.

Al Marakiz Al Raqiyah Ltd is 100%-owned subsidiary of Al Baha Investment and Development.

Ishraqah Regional Development’s fair market value amounted to SAR 28.3 million, according to Al Baha’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

This value will be paid through SAR 6.5 million in cash, as well as issuing issuing 750,000 shares in Al Marakiz Al Raqiyah Ltd.

The financial part of this acquisition will be self-financed and sharia-compliant credit facilities, Al Baha said. 

Al Marakiz Al Raqiyah Ltd will acquire directly 100% of Ishraqah Regional Development at a value of SAR 28.3 million, Al Baha added.  

Al Baha Investment and Development’s unit will raise its capital to SAR 57.5 million, from SAR 50 million.

The transaction’s financial impact will appear in the financial results for the fourth quarter of 2017, the statement concluded.