Saudi Arabia’s Al Baha Investment and Development Co said on Monday it had signed a deal to acquire High End Centres, an operator of supermarkets, commercial and residential complexes and hotels, for shares with a par value of 145 million riyals ($39 million).
New Al Baha shares will be issued to shareholders in High End, it said in a statement to the Saudi bourse, bringing the number of Al Baha’s outstanding shares to 29.50 million from 15 million.
The acquisition, which is subject to regulatory approvals, aims to “correct the company’s accumulated losses and find lucrative and stable sources of income to ensure continuity of the company’s business in the future”, Al Baha said.
It added that some of High End’s activities, such as construction and trade, would support Al Baha’s business, while Al Baha could use 25 million riyals of liquidity available to High End to repay some of its debts. Arabian Business