Al Tayyar approves capital hike to buy 30% of Thakher

Al Tayyar Travel Group Holding Co. has approved raising its capital by 4.82 percent to SAR 2.09 billion from SAR 2 billion to finance the acquisition of a 30 percent stake in Thakher Investment and Real Estate Development Co.

The transaction will take place under a share-swap deal through the issuance of 9.65 million shares equally to Mohammed Alsubeaei & Sons Investment Company (MASIC) and Abdullah Almishal & Sons Co, Al Tayyar concluded its extraordinary general assembly meeting.

After the deal is finalized, the two companies’ ownership in Al Tayyar’s capital will stand at 4.60 percent each, while Al Tayyar will own 30 percent of Thakher.

Shareholders gave also the go-ahead for acquiring Movenpick City Star Hotel in Jeddah for SAR 260 million. The hotel is indirectly owned by board director Nasser bin Aqeel Al Tayyar.

In August, the travel group signed a conditional agreement to acquire Thakher.

Under the SAR 803.8 million deal, Al Tayyar shares issued to MASIC and Almishal will be priced at SAR 83.30 each, according to data compiled by Argaam.