Al-Tayyar shareholders to vote on capital increase March 10

Al-Tayyar Travel Group Holding Co. has invited investors who hold at least 20 stocks in the company to vote on a capital hike at its extraordinary general meeting on March 10, it said in a statement to Tadawul. 

Shareholders will vote on the board proposal to raise the group’s capital by 4.82 percent to SAR 2.09 billion from SAR 2 billion. The Saudi regulator has already approved the initial plan.

The capital hike plan will finance the acquisition of a 30 percent stake in Thakher Investment and Real Estate Development Co. under a share swap deal through the issuance of 9.65 million shares  equally to Mohammed Alsubeaei & Sons Investement Company (MASIC) and Abdullah Almishal & Sons Co. In the agreement, the shares of Tayyar issued to MASIC and Almishal will be worth SAR 83.30 each.

At the meeting, shareholders will also discuss the acquisition of Movenpick City Star Hotel in Jeddah for SAR 260 million at the meeting.

They will also be required to approve audited financial statements and board report for the 2015 fiscal year. The assembly is set to discharge board members from liabilities for the previous year and authorize the new board to determine the company’s dividend policy for 2016.