Arabian Contracting Services Co. announces that MBC Group Holdings Ltd. (one of the substantial shareholders) has exercised its purchase option to increase its ownership percentage by 15% of al arabia shares bringing their total ownership percentage in the company to become 20%.
|Announcement Detail||Arabian Contracting Services Co. announces that MBC Group Holdings Ltd. (one of the substantial shareholders) has exercised its purchase option to 15% of al arabia shares owned by Engineer Holding Group (on of the substantial shareholder). This will increase MBC Group Holdings Ltd. ownership percentage in al arabia shares to 20% and the ownership percentage of Engineer Holding Group to be 50% instead of 65% of al arabia shares. |
A share purchase agreement was signed between MBC Group Holdings Ltd. and Engineer Holding Group on 15 September 2022 in connection with the transfer of the shares subject of the sale and the transaction as soon as all applicable procedures and requirements have been satisfied.
As mentioned in Arabian Contracting Services co. prospectus, the purchase option is exercisable from the date of 1/1/2021, and effective for 3 years, and MBC Group Holdings Ltd. may exercise the purchase option one time only.
This transaction reflects the confidence of MBC Group Holdings Ltd. in the current performance of al arabia, and the strong positive prediction of its future growth,
The ownership percentage of the substantial shareholders will be changed on the company's page on Tadawul website once the transaction is completed.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.