Mohammed Hadi Al Rasheed & Partners has signed a share purchase agreement (SPA) to acquire a 50% stake in Taif Shipping Company for 92.5 million riyals ($24.6 million).

The acquisition will be financed through the company's own resources and available financing facilities.

The transaction comes as Al Rasheed advances plans to transfer its listing from the Nomu parallel market to main market TASI.

Shares in Al Rasheed have fallen 18% since the start of the year.

(Writing by Ahmad Mousa; editing by Brinda Darasha)
Ahmad.mousa@lseg.com