BAAN sells Touresco stake, posts SAR 61.6M gain

Logo of BAAN Holding Group Co.

BAAN Holding Group Co. signed an agreement on Jan. 29 to sell its entire stake in Tourism and Real Estate Development Co (Touresco), a closed joint-stock company.

The divestment came as part of the group’s strategic transformation plan, which focuses on reviewing and reassessing income sources and core operating activities.

According to a Tadawul statement, BAAN sold its entire 48.5% stake in Touresco to Abdulrahman bin Abdullah Al Mousa & Sons Co. Ltd for SAR 118.8 million.

The asset book value amounts to approximately SAR 57.2 million, the company said, adding that the sale resulted in net earnings of nearly SAR 61.6 million.

The relevant financial impact will appear during the first quarter of 2026.

The transaction aims to enhance the company's liquidity and working capital, which will contribute to supporting and boosting its core business activities.

The deal does not involve any related parties, and is not subject to any conditions or related financing.