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Al Tayyar sells 30% stake in Thakher Investment at SAR 377.37m

Al Tayyar sells 30% stake in Thakher Investment at SAR 377.37m
Al Tayyar sells 30% stake in Thakher Investment at SAR 377.37m
SEERA
1810
3.04% 18.98 0.56

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