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.
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