Saudi Arabia’s Al Tayyar Travel Group said on Sunday it had agreed on a share swap worth 669.9 million riyals ($178.6 million) to acquire a 25 percent stake in Zakhr Investment and Real Estate Development.
The stake, which will come equally from two existing Zakhr shareholders, will be paid for by issuing 6.51 million new Al Tayyar shares, a bourse filing from the travel firm said.
Zakhr Investment has a project in the holy city of Mecca which includes a hotel and residential and commercial facilities serving pilgrims and residents.
The acquisition is conditional on changes to land titles as well as regulatory and shareholder approvals.
