Al Tayyar sells full stake in Thakher for SAR 377 mln

08/10/2018 Argaam

 

Al Tayyar Travel Group has sold its 30 percent stake in Thakher Investment and Real Estate Development Co. to Mohammed Alsubeaei & Sons Investment Co. (MASIC) for a total value of SAR 377.4 million, the travel group said in a statement to Tadawul on Monday.

 

Al Tayyar expects the related financial impact to show in Q3 2018, with the sale proceeds to be used in enhancing core operations.

 

Thakher’s book value stood at SAR 799.13 million in H1 2018, compared to its net book value that reached SAR 801.83 million and SAR 801.6 by the end of fiscal years 2016 and 2017, respectively.

 

Meanwhile, the accounting treatment of the book value, based on the share issue price in 2016, will imply losses in Q3 2018 income statement, Al Tayyar added.

 

In 2016, Al Tayyar acquired a 30 percent stake in Thakher under a share-swap deal through the issuance of 9.65 million shares equally to MASIC and Abdullah Almishal & Sons Co., Argaam earlier reported.

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