The board of directors of Al Tayyar Travel Group Holding Co. on Thursday approved to sell 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).

 

The book value of the stake stood at SAR 1.6 million, the company said in a statement to Tadawul.

 

The move comes in line with group's strategy to exit from small businesses. The decision to sell the stake will be submitted to the upcoming general assembly meeting for approval.

 

Al Tayyar added that it expects the financial impact from the deal to show in Q1-2017.

 

Nasser bin Aqeel Al Tayyar, founder and former vice-chairman and managing director of the travel group, owns a 30 percent stake in Al-Shamel.

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