Dur Hospitality issues board circular for Taiba acquisition

Dur Hospitality Co. announced issuing the board circular relating to the transaction which has been prepared in accordance with the requirements of Article (39) of the merger and acquisition regulations issued by the board of Capital Market Authority, which includes the opinion of Dur’s board of directors with respect to the offer addressed to the company's shareholders in respect of the transaction and Taiba Investment Co.’s acquisition plans for Dur and its employees, according to the circular also includes the independent advice provided to Dur's board of directors by HSBC Saudi Arabia which has been appointed as its financial advisor in connection to the transaction.

Taiba has also published the following documents earlier today:

1. The offer document directed to Dur’s shareholders in respect of the transaction, which includes the details related to the offer by Taiba Investment to Dur shareholders for the purpose of the transaction.

2. Taiba Investment's shareholders Circular in relation to increasing Taiba’s share capital for the purpose of the transaction.

The Capital Market Authority (CMA) approved, on Nov. 6, Taiba Investments' application to increase its capital from SAR 1.604 billion to SAR 2.604 billion by issuing 100 million ordinary shares to acquire Dur Hospitality through a stock exchange offer, according to a statement.

Source : Argaam