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Each company will acquire 39,253 ordinary shares in Vogacloset for SAR 68.9 million, according to a bourse filing on Monday.
Both Arabia Centres and Alhokair will transfer the acquired shares in Vogacloset to FAS Labs, a newly established limited liability firm that is equally owned by the two parties of the acquisition transaction.
The two listed companies will consolidate the investment in FAS Labs into their income statements as of the third quarter (Q3) of 2022.
Last March, Alhokair and Arabian Centres announced their plan to acquire a combined 51% stake in VogaCloset
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