AlBaha completes Al-Marakiz Al-Raqiyah’s acquisition

AlBaha Investment and Development Co. has completed the acquisition of Al-Marakiz Al-Raqiyah Ltd. by issuing 14.5 million ordinary shares at par value to Al Marakiz shareholders, the company said in a statement to Saudi bourse, Tadawul.

The relevant financial impact will appear on second quarter earnings of this year, the statement added.

Al-Marakiz Al-Raqiyah Ltd. is a Saudi firm specialized in managing commercial centers and malls, maintaining hotels and fuel stations, wholesale and retail activities and rentals.

AlBaha shareholders recently approved plans to raise capital to SAR 295 million from SAR 150 million in order to be able to complete the acquisition. AlBaha’s shares will be cut from 29.5 million to 17.7 million by cancelling four shares for every ten outstanding shares, Argaam reported earlier.

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

AlBaha had inked an agreement in October— which expires on March 31, 2017— to buy the supermarket operator for SAR 145 million.