Dur, Taiba initiate talks to study possible merger
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Logos of Taiba Investments Co. and Dur Hospitality Co.
The boards of directors of Dur Hospitality Co. and Taiba Investments Co. will start preliminary discussions to study a possible merger, the companies said in separate bourse filing today, June 13, 2021.
These discussions do not necessarily mean that a merger will take place between the two parties, the companies added.
If a merger is agreed upon, it will be subject to conditions and approvals of the regulatory entities concerned and the consent of shareholders of both companies.
Any updates will be announced in due course.
According to data available with Argaam, Dur develops, owns and manages hotels, restaurants, recreational centers and travel agencies. The company provides services to Umrah performers, in addition to developing residential, hotel and commercial buildings.
The company holds a capital of SAR 1 billion.
Dur’s major shareholders include Assila Investments Co. with 27.14%, the Public Investment Fund (PIF) with 16.62%, and Mohamed Ibrahim Mohamed Al Issa with 12%.
Taiba is active in the field of real estate, architectural and electrical contracting, maintenance and operation, agricultural, industrial and mining activities. It holds a capital of SAR 1.604 billion.
The company’s major shareholders include Assila Investments Co. with 16.73%, Mohamed Saleh Hamza Serafy (14.54%), and Mohamed Ibrahim Mohamed Al Issa (7.41%).