Dur inks agreement to acquire stake in Shada Homes for SAR 61 mln

Dur Hospitality Co. signed a binding agreement to acquire 60 percent stake in Jeddah-based Shada Homes Co. for a value of SAR 61.2 million, the company said in a bourse statement.

The deal will be financed from the company’s internal resources in addition to obtaining financing facilities from a local bank.

The agreement has a term of three months extendable upon both parties consent.

Shada Homes has hired BMG Financial Group as a financial adviser for the deal while Dur has hired KPMG Saudi Arabia to perform the deal’s financial assessment.

No related parties are involved in the deal, the statement added.