Riyadh – Mubasher: Saudi Arabia-based Al Tayyar Travel Group has announced selling its 30% stake in Thakher Investment and Real Estate Development Co. to Mohammed Alsubeaei & Sons Investment Co. (MASIC) at a value of SAR 377.37 million ($100.61 million).
The book value of the sold stake amounted to SAR 799.13 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The deal’s financial impact will appear in Al Tayyar's financial statement for the third quarter of 2018.
Al Tayyar last reported a 49.53% decline in net profits to SAR 107 million by the end of Q2-18, down from SAR 212 million during Q2-17.
Al Tayyar’s stock levelled up 0.36% to close Monday’s trading session at SAR 22.56