Riyadh – Mubasher: Al Tayyar Travel Group Holding will hold an extraordinary general meeting on 10 March to look into a capital increase by 4.82% to SAR 2.09 billion from SAR 2 billion.
The capital top-up will be carried out through issuing 9.65 million shares equally for Mohamed Ibrahim Al Subaie & Sons for Investment and Abdullah Hamad Al Mashaal & Sons, in return of Al Tayyar’s acquisition of 30% of stakes owned by the two companies in Zakhir Investment & Real Estate Development Ltd.
Al Tayyar’s acquisitions will help it diversify its investments, analysts told Mubasher, adding that crises may trigger strong investment opportunities.
Upon completing the takeover, the two companies’ ownership in Al Tayyar’s capital will stand at 4.60%, while Al Tayyar will own 30% in Zakhir.
The EGM will also look into other agenda items, mainly waiver of current shareholders for priority rights in the proposed capital increase shares.
