Dur ups stake in Saudi Hotels to 70% for SAR 21 mln

03/05/2015 Argaam

Dur Hospitality said on Sunday it signed a contract with The Arab Investment Company (TAIC) to buy out its full stake, or 1,400 shares in Saudi Hotels Services Ltd. for SAR 21 million.

 

Dur raised its equity in the hotel services provider, which is capitalized at SAR 70 million, to 70 percent from 50 percent.

 

The deal was financed through the company’s internal resources as part of Dur's strategy to develop hotels and residential complexes. 

 

Dur said it expects to see its financial impact recorded in second-quarter results.

 

Saudi Hotels Services Ltd. currently owns the five-star Riyadh Palace Hotel.

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