Al-Baha OGM to vote on purchase of 13.04% of Elegant Centers on Sept. 30

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s shareholders will vote on purchasing 750,000 shares, or 13.04% of the subsidiary Elegant Centers, during the ordinary general meeting (OGM) on Sept. 30.

This will be according to the contract signed with the seller, Mishal Mufti, a board member and related party.

For More Mergers and Acquisitions

The company has the right to extend the payment term for one year or more upon notifying the seller in writing.

Al-Baha will pay 20%, or SAR 3.92 million, on the effective share transfer date. The remaining 80%, or SAR 15.68 million, will be paid during the year or any extended payment term.

The seller will have the right to immediately terminate the agreement and recover shares if the buyer fails to pay the deal value within the specified deadline.

Al-Baha explained that the deal aims to own minority shares in subsidiaries to become a 100% owner.

The OGM will also vote on converting the subsidiaries, namely Elegant Centers and Ishraqh Regional Real Estate Development and Investment Co. into branches of Al-Baha, in case of obtaining an approval on the Elegant Centers share purchase.