On May 3, 2015, Dur Hospitality acquired the Arab Investment Company’s (TAIC) stake (1,400 shares) in Saudi Hotels Services Ltd, thereby raising its shareholding to 70 percent from 50 percent.
|Deal Value||Method of Finance||Type||Status|
|5.60 Million USD||Internal Resources||Stake||Completed|
|Dur Hospitality Company - Dur|
|Argaam Sector||Hotels, Motels, and Resorts|
|Market Cap (Million SAR)||1,800.00|
|Saudi Hotel Services Company LLC - Saudi Hotel Services|
|Market Cap (Million SAR)||-|
|Expected date for Completion||-|
On April 19, 2015, Dur Hospitality bought the National Commercial Bank’s (NCB) stake of 700 shares in the Saudi Hotel Services Co. for SAR 10.5 million.
The purchase brought Dur's ownership in Saudi Hotel Services to 50 percent from 40 percent.
On March 26, 2014, Dur had agreed with Abdulaziz Al-Abdullah Al-Suleiman & Brothers Co. to buy the latter’s stake in Saudi Hotel Services for SAR 15 million. The deal increased Dur’s share into the hotel services provider to 40 percent from 30 percent.
* Prior to the acquisition deal, Arab Investment Company’s (TAIC) owned a 20 percent stake, or 1400 shares in Saudi Hotels Services Ltd.
* The Arab Investment Company (TAIC) is a joint-stock company established in July 1974, and is jointly owned by the governments of 17 Arab states -- with an authorized capital of $1,200 million and paid-up capital of $800 million.