Riyadh – Mubasher: Kingdom Investment and Development Company, a subsidiary of Kingdom Holding Company, has signed a binding memorandum of understanding (MoU) with Fawaz Abdulaziz Alhokair Company to purchase its 100% stake in Trade Center Company for cash consideration.

The newly signed deal be valid for two weeks, effective from Wednesday, 23 October, according to Alhokair’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

According to the deal, both parties agreed that Kingdom Investment will pay cash consideration for the stake after deducting all lease values of the existing shops.

They also agreed upon allocating additional leasing areas to the affiliates of Fawaz Alhokair and settling all legal claims until the agreement date.

The deal comes along with Kingdom Holding’s expansion strategy, which aims to boost the value of its investments in the Saudi real estate sector.

The company affirmed that the deal is pending approval of the concerned authorities.