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FINANCIAL NEWS
Saudi’s Al-Tayyar Travel to buy 30 percent of Zakhr Investment
07 Jan 2016
(MENAFN) Saudi Arabia’s Al-Tayyar Group will buy 30 percent of Zakhr Investment and Real Estate Development after adjusting an initial contract to buy into the firm.
Moreover, the Company will obtain 15 percent of Zakhr and the same stake from Abdullah Almishal & Sons Co. for whole value of USD 214.4mn.
On the other hand, the two Zakhr investors will get USD 2.57mn shares in Al-Tayyar which will be made through a capital grow, giving the pair a combined holding of 4.6 percent.
The shares being issued to MASIC and Almishal Co. will value USD 22.18mn instead of the earlier stated USD 27.40mn.
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