Al Tayyar approves sale of 75% stake in Sudan subsidiary

Al Tayyar Travel Group Holding Co.’s shareholders have approved selling the group’s 75 percent stake in Sudan’s Al Tayyar International Co. to Al-Shamel International Holding Co. for SAR 4.2 million ($1.13 million).

Shareholders also approved the travel company’s license to manage a competing business activity with Al Tayyar International Company Limited, owned by board director Nasser bin Aqeel, in Sudan for one year, the company said in a statement to Tadawul.

Other contracts were approved with several parties at the firm’s extraordinary general assembly, such as Al-Tayyar Real Estate Investment & Development Co., Forbes Middle East, and Al-Madina Establishment for Press and Publishing.