Logos of Taiba Investments Co. and Dur Hospitality Co.
Shareholders of Dur Hospitality Co. and Taiba Investments Co. approved, on Nov. 30, the latter’s full acquisition of Dur’s issued shares.
Taiba shareholders approved a capital increase from SAR 1.6 billion to SAR 2.6 billion to acquire Dur’s 100 million shares under the agreement terms.
The capital will be raised through the issuance of a new share in Taiba for every share of Dur, as earlier stated in the shareholders’ circular.
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Merger Details |
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Merger Method |
Taiba to acquire 100% of Dur shares |
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Compensation Method |
Issuing new shares for Dur shareholders |
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Swap Coefficient |
Dur shareholders will receive one Taiba share for every share they hold in Dur |
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New Entity |
Taiba Investments Co. |
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Dur After Merger |
Dur will be delisted from Tadawul. The company will be wholly owned by Taiba |
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Taiba’s Capital Before Merger |
SAR 1.6 bln |
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Taiba’s Capital After Merger |
SAR 2.6 bln |
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Capital Increase |
62.3% |
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Taiba’s Share Price as per Swap Coefficient |
SAR29.50 |
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Dur Share Price for Merger Purposes |
SAR 29.50 (up 22.5% compared to its last closing price of SAR 24.08) |
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Dur Total Share Value for Merger Purposes |
SAR 2.95 bln |
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Taiba Shareholders’ Share After Merger |
61.6% of the merging company’s capital |
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Dur Shareholders’ Share After Merger |
38.4% of the merging company’s capital |
The deal was closed following the approval of the extraordinary general meetings (EGMs) of both companies, Dur said in a statement to Tadawul, adding that a trading halt will be imposed on its shares until the delisting procedures are completed. Dur will be fully owned by Taiba.
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