Taiba Holding Company (SASE:4090) signed a memorandum of understanding to acquire additional 8.1% stake in Al Aqeeq Real Estate Development Company from a group of individual shareholders for approximately SAR 300 million on January 8, 2017. As of September 26, 2017, Taiba has entered into an agreement to acquire for this transaction. As part of consideration, Taiba Holding Company will issue 7.32 million shares to the individual sellers namely, Mohammad Ibrahim Al-Issa, Abdullah Al-Rabiah, Suleiman Al-Mudaiheem, Turki Al-Sudairi, Khalid Al-Sultan, Abdul Aziz Al-Shabana, Ahmed Al-Ghamdi, and Ghassan Shalaby. Post the transaction, Taiba Holding Company’s stake in Al Aqeeq will increase from 89.9% to 98.01% stake. In another transaction, on June 5, 2017, Taiba Holding Company signed a conditional agreement to acquire an the rest of the 1.99% stake in Al Aqeeq Real Estate Development Company from Arab Resort Areas Company for SAR 63 million. The transaction is subject to the approval of the Saudi Capital Market Authority (CMA), Ministry of Commerce and Investment and Taiba Holding’s extraordinary general assembly meeting. NCB Capital Company acted as financial advisor to Taiba Holding Company. Omar Rashid, Basel Al-Hadidi, Mais Alomar and Majid Al-Sheikh of Clifford Chance acted as legal advisor to Taiba Holding Co.