Al-Tayyar Travel Group Holding Company has acquired 70 percent of Egypt’s Hanouf Tourism and Services Co and subsidiary companies in a deal worth SR40.95 million, the company announced on Saudi stock market (Tadawul).
The deal was reportedly funded from the company’s own resources. It said all legal formalities will be taken to finalize the acquisition procedures.
Hanouf Tourism and Services Co. was established 26 years ago and has been providing tourist services to more than 4,500 Hajis and Umrah performers annually ever since. The company also provides services to tourists coming from the GCC countries, the announcement said.
Al-Tayyar Travel Group is a Saudi joint-stock company with 14 affiliated companies that provide travel and tourism services through more than 300 offices within the Kingdom as well as 20 international offices.
Last year, the group raised its capital to SR1.2 billion ($320 million) with an increase of SR400 million from the retained profits, and each existing 2 shares were given one free share on the date of general meeting held in April 2013, according to data released by the Group.