Taiba EGM to vote on 62.32% capital hike on Nov. 30

Logo of Taiba Investment Co.

Taiba Investment Co.'s shareholders will vote on increasing capital by 62.32% from SAR 1.604 billion to SAR 2.604 billion, during an extraordinary general assembly meeting, to be held on Nov. 30, according to a statement to Tadawul.

The capital increase will be through the issuance of 100 million ordinary shares at SAR 10 each, for the purpose of acquiring all of the shares of Dur Hospitality Co.

The Capital Market Authority (CMA) approved, on Nov. 6, Taiba Investments' application to increase its capital from SAR 1.604 billion to SAR 2.604 billion by issuing 100 million ordinary shares to acquire Dur Hospitality through a stock exchange offer, according to a statement.