Taiba Holding Company announces the signing of a conditional purchase agreement with Arab Tourism Areas Company (Arak) for the purchase of shares owned by Arak in Al-Aqeeq Real Estate Development Company

Taiba Holding Company would like to announce the signing of a conditional purchase agreement with Arab Tourism Areas Company (Arak), which owns 86.87% of its capital (Arak) (a related party), for the purpose of buying all the shares owned by ( (Arak), which represents 1.99% of the share capital of Al-Aqeeq Company, on 1438/09 / 09H (2017/06/04). The company has 89.89% Of the shares in Al-Aqeeq Company, and indirectly also owns 1.74% of the shares in Al-Aqeeq Company through its ownership in Arak Company, (2.999.229) shares. For the purpose of purchasing shares in Al-Aqiq Company from Arak Company, Al-Aqiq Company has been evaluated using various valuation methods that depend on discounted cash flows and similar companies. The estimated value of the share in Al- B (21) riyals. Accordingly, the total value of the shares to be purchased is 62,983,809 two hundred and sixty million nine hundred and eighty three thousand eight hundred and nine Saudi riyals – to be paid in cash. The agreement includes the legal and contractual arrangements necessary for the purchase of the shares, On the sale and purchase of shares. The acquisition of the shares is a transaction with a related party as the agreement was entered into between Taiba and its related company (Arak). Some of the board members of Taiba have an interest in the transaction as they are also members of the board of Arak. Dr. Waleed Mohammed Al-Issa, Mr. Turki Nawaf Al-Sudairy and Mr. Ghassan Yasser Shalabi. The financial impact of the acquisition of the shares listed in the company’s financial statements will be shown after the approval of the Ordinary General Assembly of Taeba for the purchase and transfer of ownership of the shares from Arak to Taiba Holding during the second half of 2017. God bless…