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05/04/2016 04:58 AST
Saudi Arabia’s Al-Tayyar Travel Group said it has completed all procedures to acquire a 30 percent stake in Zakhr Investment and Real Estate Development through a share swap arrangement.
The 30 percent stake in Zakhr has been transferred to Al-Tayyar and the commercial registry of the travel firm has been amended to reflect the capital increase through the addition of 9.65 million new shares, Al-Tayyar said in a bourse filing.
Al-Tayyar, in a bourse filing on Jan. 5, said it will acquire 15 percent of Zakhr from Mohammed I. Alsubeaie & Sons Investment Co. (MASIC) and the same stake from Abdullah Almishal & Sons Co. (Almishal) for a total value of SR803.8 million ($214.4 million).
In return, the two Zakhr shareholders will receive new shares in Al-Tayyar, giving the pair a combined holding of 4.6 percent in the travel company.
Zakhr Investment has a project in Makkah which includes a hotel and residential and commercial facilities serving pilgrims and residents.
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SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
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HERFY | 48.69 | 0.96 (2.01 |
DUR | 20.56 | 0.04 (0.19 |
JAZEERA | 630.00 | 7.00 (1.12 |
KCIN | 1,099.00 | 0.00 (0.00 |
HOKAIRGROUP | 21.99 | 0.19 (0.87 |
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