Riyadh – Mubasher: Taiba Investments Company signed a memorandum of understanding (MoU) with Shuaa Capital Saudi Arabia to fully acquire the companies owning Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah.

Taiba Investments will pay SAR 328 million in cash to Shuaa Capital Saudi, along with all assets and liabilities, according to a bourse disclosure on Thursday.

Centro Waha and Centro Shaheen are operated and managed by Rotana Hotel Management Corporation.

The listed company said it will finance the acquisition through a loan from one of the financial institutions in addition to the company’s own resources.

The MoU holds a tenor of 60 days that can be renewed.

During the first three months of 2021, Taiba Investments incurred a net loss after Zakat and tax worth SAR 1.91 million, against net profits of SAR 50.57 million in the same period last year.