Riyadh – Mubasher: Knowledge Economic City (KEC) on Sunday announced signing an agreement with Dur Hospitality Company to acquire all the shares of Makarim Al Maarifa for Hospitality Co., equally owned by both companies.

Under the deal, KEC will acquire Dur Hospitality’s stake in Makarim Al Maarifa for SAR 27.4 million, representing 50% of net shareholders equity after payment of its loan and settlement of credit balances of financial results for 2018, according to a statement to the Saudi Stock Exchange (Tadawul).

The acquisition will be carried out in the second quarter of 2019 and financed from the company’s internal resources, the statement added.

It is worth noting that Makarim Al Maarifa owns assets worth SAR 55 million, including a land plot with an area of about 10,500 square metres in KEC.