Al Tayyar acquires 70pc stake in Egyptian company
Riyadh, April 2, 2014
Al-Tayyar Travel Group Holding Company has acquired a 70 per cent stake in Egypt’s Al Hanouf Tourism and Services Company and subsidiary companies in a deal worth SR40.95 million ($11 million).
A leading tourism company in Egypt, Al Hanouf Tourism and Services Company, was established 26 years ago and has been providing tourism 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.
The agreement was signed between Al Tayyar Holidays, a wholly-owned subsidiary of the Al Tayyar Travel Group and the owners of Al Hanouf Tourism and Services in the presence of a financial advisor Rubaiaan Shaath and Chartered Accountants, said the Saudi company in its statement on Saudi stock market (Tadawul).
Al-Tayyar Travel Group said the deal was reportedly funded from the company’s own resources. All legal formalities will be taken to finalize the acquisition procedures, it added.
Riyadh-based Al Tayyar Travel Group specialises in providing travel and tourism services for both individuals and businesses by covering the air, the land and the sea.
It is engaged in five key sectors such as travel, tourism, shipping, accommodation, Hajj and Umrah, and many other additional services such as transport, domestic tourism, travel insurance, education, conferences and meetings.
The company provides services to individual sector through more than 300 branches, in addition to the online services offered to customers using the booking engine-mail through the B2B & B2C internet based solutions.-TradeArabia News Service