AlBaha subsidiary inks MoU to acquire Ishraqah Development

High End Centers LLC, a wholly owned subsidiary of AlBaha Investment & Development Co., signed on Sunday a memorandum of understanding (MoU) with Ishraqah Regional Development & Real Estate Investment Co. shareholders to take over Ishraqah.

The MoU is valid for three months from the signing date and could be extended with both parties’ written consent, AlBaha said in a statement to Tadawul.

The deal will be valued after carrying out financial and legal due diligence and obtaining regulatory approvals.

There are no related parties involved in the transactions, the Saudi-listed firm added.