Al-Baha says remaining stake in Elegant Centers valued at SAR 19.6M

04/08/2024 Argaam
Logo ofAl Baha Investment and Development Co.

Logo of Al Baha Investment and Development Co.

Al Baha Investment and Development Co. said that the evaluation and due diligence to acquire Elegant Centers Co. Ltd. are complete and the purchase value of the 750,000 shares to be acquired is determined at SAR 19.6 million.

 

The outstanding shares represent 13.06% of Elegant Centers, and following the completion of the deal, Al-Baha will hold 100% ownership, the company said in a statement to Tadawul.

 

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Further details about the contract will be announced after the signing of the deal, it added.

 

In May, Al-Baha signed a non-binding memorandum of understanding (MoU) with board member Meshal Mufti, the owner of the non-controlling equity shares of Elegant Centers (750,000 shares or 13.04% of the capital), Argaam reported earlier.

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