Al-Baha Investment and Development Company (SASE:4130) signed a non-binding memorandum of understanding to acquire remaining 13.04% stake in Elegant Centers Limited Company from Mishal Mohammed Mufti on May 23, 2024. The 13.04% stake represents 0.75 million shares in Elegant. Prior to the transaction, Al-Baha Investment and Development Company (SASE:4130) held 86.96% stake in Elegant Centers Limited Company.

Non-binding memorandum of understanding aims to reach a final agreement for Al-Baha Investment and Development Company to acquire all ownership shares in the Elegant Centers Limited Company and its subsidiary, Ishraqh Regional Development and Real Estate Investment Company. After the acquisition, Al-Baha Investment and Development Company will own 100% of the capital of the Elegant Centers Limited Company. This transaction is subject to the approvals of the competent regulatory authorities, as well as the approval of the ordinary general assembly of Al-Baha Investment and Development Company.

The two parties understand that in case of final agreement between the two parties, Al-Baha Investment and Development Company will pay the acquisition value within a year from the date of transfer of shares, and the buyer has the right to extend it for a similar period or periods.