AlBaha to re-submit Al-Marakiz buy offer

The board of directors of AlBaha Investment and Development Co. has withdrawn its request to the Capital Market Authority (CMA) to fully acquire Al-Marakiz Al-Raqiyah Ltd. in order to complete the regulatory requirements, the company said in a bourse statement.

Baha said it will re-submit the acquisition offer to the market regulator within 2016.

Last September, AlBaha signed an agreement with mall developer Al-Marakiz to fully acquire its shares for SAR 145 million.

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