Saudi Arabian real estate properties developer Taiba Holding Co. has won approval from the kingdom's Capital Market Authority to increase its capital for its major extension moves.
The funds, to be boosted from 1.5 billion to 1.6 billion Saudi Riyals ($340 million to $427 million), will be used for buying all the shares of the minority shareholders in Al Aqeeq Read Estate Development Co., totaling 8.10 percent.
Additionally, Taiba Holding will purchase a strategic 12.65 percent stake in Arab Resort Areas Company.
The company said that the capital boost will be done by issuing a total of 10.4 million ordinary shares.