Taiba Investments Co. (SASE:4090) agreed to acquire 6.40% of stake in Knowledge Economic City Company and 5.07% of stake in Knowledge Economic City Developers Company Limited from Savola Group Company (SASE:2050) for approximately SAR 460 million on August 10, 2022. The proceeds of the transaction will be utilized in financing and supporting the Group operations in line with its adopted and declared focused strategy. The completion of this transaction will be subject to a number of conditions precedent including obtaining the necessary approval of the regulatory authorities or contractual parties, as well as the authorization of the General Shareholders Assembly of both Savola Group and Taiba Investments Company due to the existence of an indirect interest for some of the Board members (related parties) in this transaction.
As on November 29, 2022, the transaction was approved by The General Authority for Competition. The shareholders of Taiba Investment and Savola Group granted their approvals for the sale deal on 13th and 20th September 2022, respectively. The deal was supposed to be closed 120 days from the signing date on November 11, 2022 but Taiba Investment and Savola Group inked an agreement to extend the period for further 60 days.

Taiba Investments Co. (SASE:4090) completed the acquisition of 6.40% of stake in Knowledge Economic City Company and 5.07% of stake in Knowledge Economic City Developers Company Limited from Savola Group Company (SASE:2050) on December 28, 2022.