Al-Baha to buy Al-Marakiz Al-Raqiyah for SAR 145 mln

Al-Baha Investment and Development Co. has signed a deal to fully acquire Al-Marakiz Al-Raqiyah Limited, a mall operator, in a shares deal worth SAR 145 million.

Al Baha said it will issue 14.5 million new shares at par value to shareholders in Al-Marakiz raising its capital to SAR 295 million from the current SAR 150 million. This will take the total outstanding Baha shares to 29.5 million shares from the current 15 million. 

Al-Baha will control 100 percent of the mall operator, while Al-Marakiz shareholders’ stake in Al-Baha will be 49.15 percent.

Al-Marakiz Al-Raqiyah, which has a capital of SAR 25 million, is involved in setting up and managing malls, supermarkets commercial centers, hotels and furnished apartments, as well as general trading.

Baha said it will use the SAR 25 million cash available to repay some of its debts.

The company also said that there are three board members who are involved in the deal.

The acquisition is still subject to regulatory approvals, Al-Baha added.