Al Tayyar Travel to buy 30% of Zakhr Investment
Saudi Arabia's Al Tayyar Travel Group will buy 30% of Zakhr Investment and Real Estate Development after amending an initial agreement signed in August
Saudi Arabia's Al Tayyar Travel Group will buy 30% of Zakhr Investment and Real Estate Development after amending an initial agreement signed in August.
Under the new plan, Al Tayyar will acquire 15% of Zakhr for a total value of $214.4 million.
The two Zakhr shareholders will receive 9.65 million shares in Al Tayyar which will be created through a capital increase, providing a combined holding of 4.6% in the travel firm.
The original agreement stated Al Tayyar would buy 12.5% each from the two shareholders for a stake worth US$178 million (SR669.9 million), in exchange for 6.51 million new Al Tayyar shares.
Under the new agreement, the shares being issued to MASIC and Almishal Co will be worth US$22.1 (SR83.30), according to the statement.
Al Tayyar 's shares closed in the market at US$18.4 (SR69) on Monday, down from the US$25.3 (SR95) at which they closed in the session before the August announcement was made.