.Riyadh – Mubasher: Al Baha Investment and Development on Monday said that its 100%-owned subsidiary, Al Marakiz Al Raqiyah Ltd has signed a memorandum of understanding (MoU) with Ishraqah Regional Development & Real Estate Investment Co. to discuss acquiring the latter's business.
Al Baha added that the value of the three-month MoU, signed Sunday, 27 August, will be determined after Al Baha completes studies of financial and legal due diligence, or any other studies, according to a statement to the Saudi Stock Exchange (Tadawul).
The transaction will not be implemented until approvals from the relevant regulatory authorities are obtained, the Tadawul-listed firm added, noting that the MoU will end on 26 November 2017, and may be renewed upon agreement between the two parties.
In May, Al Baha completed the procedures for acquiring of Al Marakiz Al Raqiyah Ltd by issuing 14.5 million shares for shareholders in Al Marakiz Al Raqiyah.
By 1:03 pm KSA time, Al Baha's stock went up 0.95% to 28.80.
