Taiba Holding Company announces its intention to buy minority shares in the industrial arm company

Taiba Holding announces that in light of the changes and conditions that have arisen in the central region of Madinah, represented by the state’s decision to expand the Prophet’s Mosque and the consequent expropriation of the property owned by Taibah Holding and its subsidiaries and the compensation for its expropriation, The Board of Directors of Taibah Holding decided on 25/8/1435 H corresponding to 23/6/2014 to purchase the minority shares owned by the subsidiaries of Taibah in the Industrial Company for Industrial Development by Taibah Holding, These shares will be financed on 30/6/2014 as the value of the purchase of these shares will be financed from the bank loan previously received by Banque Saudi Fransi – which was announced on Tadawul on 18/5/2014. It is worth mentioning that the industrial arm company was established in 2008 with a registered capital of SR 1,000 million divided into 100 million shares with a nominal value of SR 10 per share and paid from its capital of 900 million riyals or nine riyals per share. Representing 75,112% of its capital. Accordingly, Taibah Holding will coordinate with the rest of the shareholders on the purchase process and complete the consequent procedures.