Riyadh – Mubasher: Taiba Investment has finalised all regulatory procedures to acquire minority shares in Al Aqeeq Real Estate Development Company and Arab Resort Areas Company (ARAC).

The company bought an 8.10% stake in Al Aqeeq and a 12.65% shareholding in ARAC, raising its total ownership to 100% in Al Aqeeq and 99.53% in ARAC, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

Taiba’s general assembly has previously approved raising its capital to SAR 1.604 billion instead of SAR 1.5 billion via issuing 10.457 million shares.

The Saudi-based company noted that the acquisition’s financial impact is expected to show on the financials of the second quarter of 2019.

It is worth noting that the Securities Depository Center (Edaa) deposited Taiba’s new shares into shareholders’ portfolios on Monday, 10 June.