Altayyar Travel Group said on Monday that its wholly-owned subsidiary, Altayyar Real Estate and Tourism Development Co., will become a founding partner in the Saudi Heritage Hospitality Co.
Al Tayyar Real Estate will own 5 million shares, or 20 percent of the company's capital at a total value of SAR 50 million.
The subscription measures are being finalized, and the share purchase 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 – under establishment – is a closed shareholding company. It was established with capital of SAR 250 million, in line with the efforts of the Saudi Commission for Tourism and Antiquities for utilizing state-owned heritage buildings and archaeological sites.
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