Shalfa major shareholders to sell 15% stake for SAR 40.95M

Shalfa Facilities Management Co. received on Aug. 30 a notice from several major shareholders that they had entered into a share sale agreement with Fifth BC Catalyst Fund, managed by First Summit Investment Co.

The selling shareholders are Mohammed Al Ibrahim, Abdullah Al Ibrahim, and Fahad Al Ibrahim.

Under the agreement, the shareholders will sell 630,000 shares, representing 15% of Shalfa's total share capital, to Fifth BC Catalyst Fund for SAR 40.95 million, or SAR 65 per share, through a negotiated deal, according to a Tadawul statement.

The company said completion of the negotiated deal is subject to several conditions, including obtaining any required approvals and no-objection confirmations from the relevant parties.

The transaction will be executed as a negotiated deal in accordance with the trading and membership procedures of the Saudi Exchange (Tadawul) on the completion date.

Following completion, the fund will own 15% of the company’s total share capital, while the selling shareholders’ combined ownership will decline from 85% to 70%.

The company expects the buyer to complete the transaction within 45 business days. Any developments in this regard, including completion of the negotiated deal, will be announced in due course.

Transaction Details