Riyadh – Mubasher: Arab Sea Information System Company announced signing a sale and purchase agreement to fully acquire a real estate asset worth SAR 52.50 million owned by the board’s Chairman, Mohammed bin Saleh Al Suhaibani.

This will be done by increasing the company’s capital by 4.37% to SAR 104.37 million from SAR 100 million in return for issuing shares for the benefit of the seller, according to a bourse statement on Sunday.  

Arab Sea said it will use part of the 23-floor real estate asset, situated in Al Sahafa District, north of Riyadh, as its headquarters.

As of 1 September 2022, the company’s market value stood at SAR 890 million.

Last March, the Tadawul-listed firm penned a non-binding memorandum of understanding (MoU) with Al-Suhaibani to acquire the above-mentioned real estate asset.

The transaction will be subject to the approvals of competent authorities, the statement read.