On February 17, 2019, Tourism Enterprise Co. (Shams) signed a memorandum of understanding (MoU) to acquire part of stakeholders’ shares in Hemaia Group.
|Deal Value||Method of Finance||Type||Status|
|Tourism Enterprise Co. - Shams|
|Argaam Sector||Hotels, Motels, and Resorts|
|Market Cap (Million SAR)||260.86|
|Hemaia Group - Hemaia Group|
|Market Cap (Million SAR)||-|
|Expected date for Completion||17-05-2019|
Under the MoU, Shams will buy shares owned by Saud Al Khalifa Madaj & Co. for transferring funds, gold and jewelry, Saud Al Khalifa Madaj & Co. for security services, and Hemaia Security, Safety and Trade Co. Ltd.
On February 27, 2019, Shams’s board of director approved to finance the transaction from the company’s own funds.
* Hemaia Group transfers money, gold, jewelry and precious stones across the Kingdom. The company also provides security services and safety equipment to various facilities.
* On May 15, 2019, Shams and Hemaia Group extended the memorandum of understanding (MoU) for 60 days.