Arab Sea appoints Itqan Capital to advise on capital hike to acquire Riyadh real estate

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. board of directors appointed today, Nov. 6, Itqan Capital as financial advisor on its capital increase in return for the acquisition of a real estate asset in Riyadh.

The company signed, on Sept. 4, a sale and purchase agreement (SPA) worth SAR 52.50 million, including real estate tax, to fully acquire the real estate asset in Riyadh.

The property, which is owned by board chairman Mohammed Al-Suhaibani, will be partially used as the company’s headquarters by increasing capital through its acquisition, in return for the issuance of shares to Al-Suhaibani.

The company noted that all parties agreed that the issue price will be SAR 120 per share.

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