Taiba issues shareholders' circular, timetable for Dur acquisition deal

Logo of Taiba Investment Co.

Taiba Investment Co. issued the shareholders' circular, offer document, and transaction timetable for the planned takeover of Dur Hospitality Co., through issuing new shares in Taiba to Dur’s shareholders, according to a statement to Tadawul.

Taiba published the shareholders’ circular, which was prepared in accordance with Article 75 of the Rules on the Offer of Securities and Continuing Obligations and addressed to its shareholders. This is with respect to Taiba’s capital hike for the purpose of acquiring all Dur’s shares through a stock exchange offer, as per Article 26 of the Capital Market Authority’s (CMA) Merger and Acquisition Regulations.

The circular includes the details of the transaction, its terms and conditions and other related matters, including the details of related parties, the procedures required to complete the transaction and the related risks.

Taiba's board of directors notes that Taiba shareholders should carefully read and consider all information contained in the circular prior to making an informed decision. If in doubt, an independent, CMA-licensed financial advisor should be consulted.

The offer document, issued by Taiba and addressed to Dur’s shareholders, includes all the details related to the offer, pursuant to Article 38 of the Merger and Acquisition Regulations, for the purpose of acquiring all of Dur’s shares in exchange for new shares to be issued in Taiba to Dur’s shareholders.

Meanwhile, the transaction timetable sets out the proposed dates for the main events of the transaction implementation, pursuant to Article 17(c) of the Merger and Acquisition Regulations.

The CMA approved, on Nov. 6, Taiba's application to increase its capital from SAR 1.60 billion to SAR 2.60 billion by issuing 100 million ordinary shares to acquire Dur through a stock exchange offer, according to Argaam’s data.

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