Dur Hospitality’s board of directors approved on Sunday subscribing to the private placement of Saudi Heritage Hospitality Company, an under-corporation closed shareholding firm.
Dur will buy a 25 percent stake, or 6.25 million shares at SAR 10 per share, totaling SAR 62.5 million.
The subscription will be financed through the company’s cash. Financial impact will materialize after the deal is finalized, according to the company’s filing on Tadawul, Saudi Arabia’s bourse.
The Riyadh-based Saudi Heritage Hospitality Company was established with a capital of SAR 250 million, in line with the efforts of the Supreme Commission for Tourism and Antiquities for utilizing state-owned heritage buildings and archaeological sites.
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