03 April 2014
JEDDAH - Al-Tayyar Travel Group Holding Company has acquired 70 percent of Egypt's Al Hanouf Tourism and Services Company and subsidiary companies in a deal worth SR 40.95 million on March 30, 2014 in Riyadh, the company announced on Saudi stock market (Tadawul).
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. The deal was reportedly funded from the company's own resources. The company has said that all legal formalities will be taken to finalize the acquisition procedures.
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. Al Tayyar is a Saudi joint-stock company, based in Riyadh, specialized in providing travel and tourism services for both individuals and businesses by covering the air, the land and the sea. ATG is engaged in 5 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.
JEDDAH - Al-Tayyar Travel Group Holding Company has acquired 70 percent of Egypt's Al Hanouf Tourism and Services Company and subsidiary companies in a deal worth SR 40.95 million on March 30, 2014 in Riyadh, the company announced on Saudi stock market (Tadawul).
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. The deal was reportedly funded from the company's own resources. The company has said that all legal formalities will be taken to finalize the acquisition procedures.
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. Al Tayyar is a Saudi joint-stock company, based in Riyadh, specialized in providing travel and tourism services for both individuals and businesses by covering the air, the land and the sea. ATG is engaged in 5 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 Saudi Gazette 2014
