Taiba extends MoU with Shuaa to buy firms owning Centro hotels in Saudi Arabia

25/07/2021 Argaam

Taiba building

Taiba Investments Co. extended the memorandum of understanding (MoU) with Shuaa Capital Saudi Arabia for the complete buyout of the two companies owning Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah for an additional 45 days, starting today, July 25.

 

The company said in a bourse statement that the extension comes in order to complete and finalize the due diligence activities between the two parties.

 

According to data compiled by Argaam, Taiba signed on May 26, 2021, a MoU with Shuaa Capital Saudi Arabia for the complete buyout of the two companies owning Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah - managed and operated by Rotana Hotel Management Corporation Ltd. – along with all assets and liabilities for SAR 328 million, including tax.

 

The company stated at the time that the duration of the MoU is 60 days from the signing date, which can be extended.

 

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