Dur Hospitality Company announces its entry into a binding implementation agreement with Taiba Investments Company in relation to a securities exchange transaction between the two companies
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| Announcement Detail | Further to the announcement made by Dur Hospitality Company (“Dur Company”) on 24/5/1444H (corresponding to 18/12/2022G) with Taiba Investments Company (“Taiba Company”) in respect of its entry into a non-binding memorandum of understanding relating to a potential share exchange transaction which includes the non-binding agreement on the exchange ratio for the shares swap and the implementation framework for the proposed transaction; and the announcement made by Taiba Company on 18/9/1444H (corresponding to 9/4/2023G) regarding its firm intention to make a securities exchange offer in accordance with Article 17(e) of the Merger and Acquisition Regulations pursuant to which Taiba Company shall acquire all of Dur Company’s shares in exchange for the issuance of new shares in Taiba Company to the shareholders of Dur Company (the “Transaction”), Dur Company is pleased to announce its entry into a legally binding implementation agreement with Taiba Company on 17/9/1444H (corresponding to 8/4/2023G) (the “Implementation Agreement”), pursuant to which both companies agreed that Taiba Company shall make an offer to acquire all shares in Dur Company in consideration for newly issued shares in Taiba Company to the shareholders of Dur Company pursuant to Article (26) of the Merger and Acquisition Regulations and the Rules on the Offer of Securities and Continuing Obligations issued by the board of the Capital Market Authority, and in accordance with a number of the terms and conditions of the Implementation Agreement.
For the further details on the announcement, please refer to the attachment. |
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