Riyadh – Mubasher: The extraordinary general meeting of Al Tayyar Travel Group approved increasing the company’s capital by 4.82% to SAR 2.09 billion from SAR 2 billion, according to a bourse filing posted Sunday.
The capital hike will be effected through issuing 9.65 million shares for Mohamed Ibrahim Al Subaie & Sons for Investment and Abdullah Hamad Al Mashaal & Sons. In return, Al Tayyar will acquire 30% of stakes owned by the two companies in Zakhir Investment & Real Estate Development Ltd.
Following the takeover, the two companies will own 4.60% of Al Tayyar’s capital, while Al Tayyar will hold a 30% stake in Zakhir.
Shareholders also authorised the board to recommend 2016 dividends.
