Al-Baha finalizes partner share transfer in Elegant Centers

Logo of Al Baha Investment and Development Co.

Al-Baha Investment and Development Co. completed the transfer of all partner shares in its subsidiary, Elegant Centers Co., according to a statement to Tadawul.

As a result, Al-Baha now fully owns Elegant Centers and the latter's subsidiary, Ishraqa Regional Development & Real Estate Investment Co.

For More Mergers and Acquisitions

Both Elegant Centers and Ishraqah have become sole proprietorships following the notarization of the contract by the Ministry of Commerce, the statement added.

Al-Baha said that it is currently converting its wholly-owned subsidiaries, Elegant Centers and Ishraqah, into branches.

The value of the transaction amounted to SAR 19.6 million, with no changes. The costs for legal consultations, real estate appraisals, and business valuations totaled SAR 316,000.

Upon completion of this process, there will be a decrease in the provision for Zakat expenses and an increase in the company’s equity, which will lead to a rise in net profits.

The financial impact of the transaction will be reflected in the company’s annual financial results for 2024, the statement added.

In August 2024, Al-Baha signed a sale and purchase agreement for Elegant Centers with board member Mishal Mohammed Mufti. The agreement involves the purchase of 750,000 shares, representing 13.04% of Elegant Centers’ share capital, according to data compiled by Argaam.