Dur Hospitality announces exiting from investing in Makarim AlMaarifa for Hospitality Company jointly owned by Dur and Knowledge Economic City, with a capital of SAR 21.4 million.
The two entities have signed an agreement where Dur transfers 1,070,000 of its shares from the company’s share capital, with all its rights and obligations to the ownership of Knowledge Economic City, in exchange for 27,424,100 SAR.
It is worth noting that there has been no financial impact on the Q1 2019 financial statements for Dur Hospitality and that the share sale proceeds will be added to the company’s resources for use in its operational activities.
This decision comes in line with the development strategy of the company, with respect to its investments in the two Holy Cities.
