Al-Baha to swap 5.8 shares for each share in Al-Marakiz

07/09/2015 Argaam

Al-Baha Investment and Development Co. will issue 5.8 shares in exchange for each share of mall operator Al-Marakiz Al-Raqiyah Limited, the industrial projects company said in an additional statement to Tadawul on Monday.

 

The move is aimed at raising Al-Marakiz capital to SAR 295 million from the current SAR 150 million. This will take the total outstanding Baha shares to 29.5 million shares from the current 15 million. 

 

Al Baha earlier announced that it had signed a deal to fully acquire Al-Marakiz for SAR 145 million. Al-Marakiz shareholders’ will own 49.15 percent in Al Baha as a result of the acquisition.

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