Shams extends non-binding MoU to buy 3 hotels in Riyadh, Jeddah, Dammam until Sept. 30

25/08/2022 Argaam

Logo of Tourism Enterprise Co. (Shams)

Tourism Enterprise Co. (Shams) agreed with SHUAA Capital Saudi Arabia on extending their non-binding memorandum of understanding (MoU) to buy three hotels in Riyadh, Jeddah and Dammam for an additional period starting today, Aug. 25 until Sept. 30, 2022.

 

Shams aims to complete the required due diligence and other paperwork necessary for the deal implementation, the company said in a statement to Tadawul.

 

Any other developments will be announced later, Shams added.

 

In February, Shams signed a non-binding MoU with Shuaa Capital Saudi Arabia for potential 100% acquisition of hotels owned by the hospitality funds managed by SHUAA for SAR 735 million, excluding the real estate tax, according to a bourse statement.

 

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