Riyadh-Mubasher: Al-Tayyar Travel Group has signed on Saturday an agreement with Mohammed Ibrahim Alsubeaei & Sons Investment (MASIC) and Abdullah Hamad Al Meshal and Sons Holding to acquire a 25% stake in Thakher Investment and Real Estate Development Co.

Under the agreement, MASIC and Al Meshal will each sell a 12.5% stake in Thakher to Al-Tayyar.

The SAR 670 million deal will be effected through increasing the group’s capital to offer new shares to the sellers, Al-Tayyar said in a bourse statement on Sunday.  

The agreement is conditional on changes to land titles, as well as regulatory and shareholder approvals.

Al-Tayyar aims to develop Thakher real estate project that is 1.4 km away from the Holy Mosque in Makkah, which includes a hotel, residential, and commercial facilities for pilgrims and residents.

After completing the deal, each will jointly hold a 3.15% stake in Al-Tayyar.

Al-Tayyar has appointed HSBC Saudi Arabia as a financial advisor and Clifford Chance as a legal advisor in the deal.