ARAC shareholders approve stake sale to Taiba

Shareholders of Arab Resort Areas Co.’s (ARAC) on Sunday approved the sale of the company’s 1.99 percent stake in Al Aqeeq Real Estate Development Co. to Taiba Holding Company for SAR 63 million, the latter said in a statement to Tadawul on Monday.

Taiba directly owns 89.89 percent in Al Aqeeq and indirectly owns 1.74 percent through its subsidiary ARAC, in which it owns 86.87 percent.

On June 4, Taiba inked a conditional agreement to buy out ARAC’s stake in Al Aqeeq and said it plans to raise its stake to 98.01 percent in the developer upon completion of the deal, Argaam reported earlier.