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M&A WATCH-
#1- Al Baha Investment Development’s board of directors signed off on the company’s planned acquisition of the remaining 13% of Elegant Centers, according to a disclosure to Tadawul. Al Baha already holds 87% of Elegant Centers and the remaining acquisition will make Al Baha its sole owner. The two companies had signed an MoU for the agreement in August, valuing the transaction at SAR 19.6 mn.
#2- SPM exits Moroccan Paper Manufacturing: Saudi Paper Manufacturing (SPM) has sold its entire stake in Moroccan Paper Manufacturing to an individual buyer in a SAR 7.3 mn (MAD 19 mn) transaction, according to a filing to Tadawul. The sale was made through SPM’s investment arm Saudi Investment and Industrial Development, which owned 100% of Moroccan Paper Manufacturing. The sale is pending approval from Moroccan authorities. Proceeds from the sale boost the company’s liquidity and will be funneled towards covering high-cost loans.
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MANUFACTURING-
Obeikan Glass’ board signed off on establishing a second float glass production line at its plant in the Royal Commission for Yanbu, according to a disclosure to Tadawul. The new line is expected to cost SAR 520 mn and will have a production capacity of 650 tons per day , contributing to the manufacturing of new types of float and tinted glass for automotives, construction, and mirrors.
Financing will primarily be sourced from government funding institutions, bank loans, and the company’s internal resources. The project’s completion and start to commercial production are slated for 2027.
CONSTRUCTION-
Retal Urban Development inked a SAR 142.4 mn agreement with subsidiary Building Construction to develop 263 residential units in Riyadh, it said in a disclosure to Tadawul. The contract runs for a 30-month period.
EDUCATION-
Gov’t launches the Kingdom’s first public middle schools for students gifted in sports: Sports Minister Abdulaziz bin Turki Alfaisal and Education Minister Yousef bin Abdullah Al-Benyan inaugurated the first public middle school for athletically gifted students at the Prince Faisal bin Fahad Olympic Complex in Riyadh, state news agency SPA reports. The school has already registered 354 students who are talented in football, athletics, and martial arts in the first phase.
DIGITIZATION-
Saudi Fransi Capital will invest SAR 82.6 mn to increase the capacity of the six data centers that are being built by Al Moammar Information Systems (MIS), MIS said in a disclosure to Tadawul. The facilities were originally valued at SAR 1.2 bn under the contract signed in 2021 between Saudi Fransi Capital, which will own the centers through a Shariah-compliant private investment fund, and MIS.
More are on the way: The new investment is part of Saudi Fransi Capital’s plan to increase the capacity of the 24-MW data centers by 64 MW at a cost of SAR 1.95-2.5 bn. A letter of intent was signed last month between Saudi Fransi Capital and MIS.
HEALTHCARE
Healthtrip sets up shop in the Kingdom: International medical travel outfit Healthtrip opened a regional headquarters in Riyadh, according to a press release. The company will offer its medical services in key cities like Makkah and Medina, in addition to wellness retreats in Amala and Abha.
