Taiba shareholders to discuss purchase of Savola’s entire stake in KEC for SAR 459.3 mln on Sept. 13

Logos of Savola, KEC and Taiba Investments

Taiba Investments Co.’s shareholders will vote on the purchase of Savola Group’s entire ownership in Knowledge Economic City Co. (KEC) for SAR 459.26 million, during the ordinary general meeting (OGM), scheduled for Sept. 13, according to a bourse filing.

Chairman Walid Al-Issa has an indirect interest in the deal, as he is the Managing Director of Assila Investments, a major shareholder in both companies owning over 5% of the capital.

In addition, board member, Muhannad Al- Azzawi, has an indirect interest in the deal, as he is related to a board member at Savola.

Savola owns an 11.47% stake in KEC - direct ownership of 6.40% and indirect ownership of 5.07% through Knowledge Economic City Developers LLC.

The deal included no preferential terms.

Earlier this month, Taiba inked a binding agreement to acquire Savola Group’s entire ownership in KEC for SAR 459.26 million.

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