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FINANCIAL NEWS
Saudi Al-Tayyar acquires 70 percent in Egypt’s Hanouf Tourism
01 Apr 2014
(MENAFN) Saudi-based Al-Tayyar Travel Group Holding Company has purchased 70 percent stake in Egypt”s Hanouf Tourism and Services Co and subsidiary companies at USD10.91 million, according to Arab News.
The company said that it has financed the deal from its own resources.
Hanouf Tourism and Services Co. has been providing tourist sectors since it was first established in 1988 for more than 4.500 Hajis and Umrah performers annually.
Al-Tayyar Travel Group, a Saudi joint-stock company, raised its capital in 2013 up to USD320 million with an increase of USD 106.6 million from the retained profits.
Al-Tayyar said that the parties will take all legal formalities to finalize the acquisition procedures.
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