Taiba Holding Company announces a no objection from the General Authority for Competition to complete the economic concentration process with the acquisition of Taiba on minority shareholders in Al-Aqeeq Company and the majority of minority shareholders in Arak.

Further to the announcement of Taiba Holding Company on the Tadawul website on 2017/12/27 AD, the announcement of the announcement on 2017/9/26 regarding the latest developments regarding the signing of the agreements for the purchase of minority shareholders in Al-Aqeeq Real Estate Development Company (Al-Aqeeq Company) and the majority of minority shareholders in the Arab Company for Regions (Arak) as well as the additional agreements for the acquisition of additional minority shareholders in Arak as part of the two acquisition agreements that Taiba will have if they complete the entire shares of Al-Aqeeq Company and 53.99% of Arak’s shares. Taibah Holding Company is pleased to announce to the shareholders that it has been notified of the approval of the General Authority for Competition in accordance with their letter no. 503174 dated 1440/06/06 without any objection to the completion of the economic concentration process by completing the two acquisitions. That the two deals are subject to a number of terms and conditions, which include obtaining the necessary regulatory approvals from the Capital Market Authority to increase the capital of Taiba Holding and issuance of shares of Al-Awad to the sellers and other relevant government agencies in addition to obtaining the approval of the Extraordinary General Assembly of shareholders in Taiba on The company will declare its capital and Tiba will announce any significant developments with respect to the said transactions. God bless..