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FINANCIAL NEWS
Saudi Al-Tayyar acquires stake in Zakhr for USD178.6m
17 Aug 2015
(MENAFN) Saudi Al-Tayyar Travel Group announced that it had agreed on a share swap worth USD178.6 million to acquire a 25 percent stake in Zakhr Investment and Real Estate Development.
The stake, which will come equally from two existing Zakhr shareholders, will be paid for by issuing 6.51 million new Al-Tayyar shares, a bourse filing from the travel firm said.
Zakhr Investment has a project in Makkah which includes a hotel and residential and commercial facilities. The acquisition is conditional on changes to land titles as well as regulatory and shareholder approvals.
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