Saudi Kingdom Holding unit pens MoU to buy Alhokair’s stake in Trade Center
The deal comes along with Kingdom Holding’s expansion strategy
Information on shares of investment firm Kingdom Holding is seen on a building in Riyadh, Saudi Arabia, January 30, 2018. Image for illustrative purposes.
REUTERS/Faisal Al Nasser
By Staff Writer, Mubasher
Riyadh – Kingdom Investment and Development Company, a subsidiary of Kingdom Holding Company, has signed a binding memorandum of understanding (MoU) with Fawaz Abdulaziz Alhokair Company to purchase its 100% stake in Trade Center Company for cash consideration.
The newly signed deal be valid for two weeks, effective from Wednesday, 23 October, according to Alhokair’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
According to the deal, both parties agreed that Kingdom Investment will pay cash consideration for the stake after deducting all lease values of the existing shops.
They also agreed upon allocating additional leasing areas to the affiliates of Fawaz Alhokair and settling all legal claims until the agreement date.
The deal comes along with Kingdom Holding’s expansion strategy, which aims to boost the value of its investments in the Saudi real estate sector.
The company affirmed that the deal is pending approval of the concerned authorities.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.