Shams scraps MoU to acquire 3 hotels in Riyadh, Jeddah, Dammam

Logo of Tourism Enterprise Co. 

Tourism Enterprise Co. (Shams) announced that, based on the latest understandings with Shuaa Capital Saudi Arabia Co. (SHUAA), the two parties have agreed to scrap a previously-signed memorandum of understanding (MoU) due to failure to reach an agreement, effective as of today, Nov. 30.

In a statement to Tadawul, Shams said it will search for another investment opportunity, commensurate with its objectives and the proceeds of the offering referred to in the prospectus.

The sector has various investment opportunities, which Shams is evaluating and assessing their feasibility. It will announce any developments in this regard as appropriate.

In February, Shams signed the non-binding MoU with SHUAA for the potential takeover of the hotels owned by the hospitality funds managed by the latter for SAR 735 million. The deal was extended last August till September, up until today, according to Argaam's data.

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