Tourism Enterprise Company Announces an update on the Group's announcement of signing a non-binding memorandum of understanding to acquire 100% of (3) hotels owned by hospitality funds managed by Shuaa Capital Saudi Arabia Company "SHUAA" in Riyadh, Jeddah and Dammam in the Kingdom of Saudi Arabia for an amount 735 million riyals, excluding real estate tax.
| Element List | Explanation |
|---|---|
| Introduction | Reference to Tourism Enterprise Company’s announcement on Tadawul website on 27/02/2022 AD that it signed a non-binding memorandum of understanding to acquire 100% of (3) hotels owned by hospitality funds managed by Shuaa Capital Saudi Arabia Company "SHUAA" in Riyadh, Jeddah and Dammam in the Kingdom of Saudi Arabia for an amount 735 million riyals, excluding real estate tax.
And Company’s announcement on Tadawul website on 29/09/2022 AD regarding extend the mentioned non-binding Memorandum of Understanding for an additional period.
Tourism Enterprise Company would like to inform its valued shareholders that, based on the latest understandings between Tourism Enterprise Company and Shuaa Capital Saudi Arabia Company "SHUAA", the two parties have agreed to expiry of the Memorandum of Understanding on 30/11/2022 and the failure to reach an agreement. |
| Previous Announcement | Tourism Enterprise Co. Announces an update on Tourism Enterprise Company Announces an update on the announcement of signing a non-binding memorandum of understanding to acquire 100% of (3) hotels owned by hospitality funds managed by Shuaa Capital Saudi Arabia Company "SHUAA" in Riyadh, Jeddah and Dammam in the Kingdom of Saudi Arabia for an amount 735 million riyals, excluding real estate tax. |
| Date of Previous Announcement on Tadawul's Website | 2022-09-29 Corresponding to 1444-03-03 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| Reasons for Exceeding the Announced End Date | Expiry of the memorandum of understanding and failure to reach an agreement. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Impact of the Delay on the Company's Financial Results | N/A |
| Additional Information | The company will search for another investment opportunity commensurate with the company's objectives and the proceeds of the offering referred to in the prospectus. The company currently has available investment opportunities in this sector, which it is working on evaluating and taking due study towards to assess the feasibility of these investments, and the company will announce any developments in this regard as appropriate |
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