AlBaha’s Al Marakez acquires Ishraqah Regional Development

Al Marakez Al Raqia Ltd., a wholly owned subsidiary of AlBaha, signed on Thursday a final agreement to fully acquire Ishraqah Regional Development & Real Estate Investment, AlBaha said in a statement.

The value of the deal will be paid as SAR 28.3 million in cash and SAR 6.5 million through issuing 750,000 new shares in Al Marakez Al Raqia, the statement said. The cash amount will be self-financed and covered by Islamic credit facilities.

Al Marakez Al Raqia will increase its capital by 15 percent to 5.75 million shares from 5 million shares.

The selling partners at Al Marakez Al Raqia will own a 13.04 percent stake after the acquisition and new share issuance, where the value per share is set at SAR 29.06.

The deal is still subject to regulatory approvals and its financial impact is expected to show in Q4 results, the statement added.

In August, Al Marakez Al Raqia inked a memorandum of Understanding to fully acquire Ishraqah, Argaam previously reported.