Taiba Holding Unit Shareholders Approve Capital Reduction

Taiba Holding Co. (TIRECO), a Saudi property developer, said shareholders of its unit Al Aqeeq Real Estate Development Co. approved a capital reduction to 1.94 billion riyals ($517 million) from 3 billion riyals.

Taiba, which owns an 89.9 percent stake in Al Aqeeq, now holds 174.9 million shares, equivalent to 1.74 billion riyals, according to a statement on the Saudi bourse today.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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