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Arabian Centres eyes 7 new malls in 4 years, GLA of 52%
12/04/2021 Argaam Special Share
Logo of Arabian Centres Co.
Arabian Centres Co. (ACC), Saudi Arabia’s leading owner and operator of shopping malls, aims to increase its gross leasable area (GLA) within the next four years by nearly 601,300 square meters. ACC will use the latest sukuk issuance, which was 200% oversubscribed, finance these expansions and new malls across the Kingdom.
The company has two projects, namely Jeddah Park and Khaleej Mall, with GLA of 179,700 sqm, which are expected to be finalized by the end of the year. Accordingly, the total GLA will reach nearly 1.39 million sqm by the end of the year.
Arabian Centres, Alhokair ink deal to buy 51% of e-commerce platform for SAR 138 mln
03/03/2021 Argaam
The signing of the acquisition agreement
Arabian Centres Co. and Fawaz Abdulaziz Alhokair Co. signed an agreement to acquire 51% of an e-commerce platform for SAR 138 million.
Arabian Centres signed a share purchase agreement to buy 39,250 shares, or 25.5% of VogaCloset Ltd. for a total consideration of $18.36 million (SAR 68.85 million), the company said in a joint statement. Under the deal, ACC will acquire a total of 13,600 shares of VogaCloset’s outstanding shares and will inject $12 million (SAR 45 million) in additional capital.
Alhokair will also buy 39,250 shares of VogaCloset’s outstanding shares, translating to an ultimate ownership of 25.5% of VogaCloset after raising its capital.
Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.571 billion for the fiscal year 2020.
2) The ownership of the entire share capital in Refan Company for Operation & Maintenance Limited was transferred to National Company for Learning and Education (NCLE).
3) Arabian Centres Co.’s board of directors approved the receipt of all dues from FAS Holding Co. for Hotels (a related party) at a total of SAR 350.3 million as on Sept. 30, 2020.
4) The Capital Market Authority (CMA) approved Halwani Bros. Co.’s request for capital increase through bonus share distribution.