Saudi Arabia’s Al Rasheed to acquire 50% stake in Taif Shipping for $24.6mln

AI Summary

Saudi Arabia’s Al Rasheed & Partners has agreed to acquire a 50% stake in Taif Shipping Company for $24.6 million, financed through internal resources and financing facilities. This deal supports the company’s strategy to list on the Saudi exchange and expand its shipping business.

Mohammed Hadi Al Rasheed & Partners has signed a share purchase agreement (SPA) to acquire a 50% stake in Taif Shipping Company for 92.5 million riyals ($24.6 million). The acquisition will be financed through the company’s own resources and available financing facilities. The transaction comes as Al Rasheed advances plans to transfer its listing from ...