Saudi competition authority approves Taiba’s acquisition of Al Aqeeq, ARAC

The Saudi General Authority for Competition (GAC) approved Wednesday the economic concentration arising from Taiba Holding Co.’s planned acquisition of Al Aqeeq Real Estate Development Co. and Arab Resort Areas Co. (ARAC).

 According to data compiled by Argaam, Taiba Holding signed, in September 2017, an agreement to acquire minority shares in Al Aqeeq and ARAC in return for increasing capital by 7 percent (equals to 10.4 million shares).

The deal will raise Taiba Holding’s equity in Al Aqeeq to 100 percent from 91.89 percent, and its stake in ARAC to 99.20 percent from 86.87 percent upon completion.