Taiba, Dur shareholders agree on merger

Logos of Taiba Investments Co. and Dur Hospitality Co.

Shareholders of Dur Hospitality Co. and Taiba Investments Co. approved, on Nov. 30, the latter’s full acquisition of Dur’s issued shares.

Taiba shareholders approved a capital increase from SAR 1.6 billion to SAR 2.6 billion to acquire Dur’s 100 million shares under the agreement terms.

The capital will be raised through the issuance of a new share in Taiba for every share of Dur, as earlier stated in the shareholders’ circular.

Merger Details
Merger Method	Taiba to acquire 100% of Dur shares
Compensation Method	Issuing new shares for Dur shareholders
Swap Coefficient	Dur shareholders will receive one Taiba share for every share they hold in Dur
New Entity	Taiba Investments Co.
Dur After Merger	Dur will be delisted from Tadawul. The company will be wholly owned by Taiba
Taiba’s Capital Before Merger	SAR 1.6 bln
Taiba’s Capital After Merger	SAR 2.6 bln
Capital Increase	62.3%
Taiba’s Share Price as per Swap Coefficient	SAR29.50
Dur Share Price for Merger Purposes	SAR 29.50 (up 22.5% compared to its last closing price of SAR 24.08)
Dur Total Share Value for Merger Purposes	SAR 2.95 bln
Taiba Shareholders’ Share After Merger	61.6% of the merging company’s capital
Dur Shareholders’ Share After Merger	38.4% of the merging company’s capital

The deal was closed following the approval of the extraordinary general meetings (EGMs) of both companies, Dur said in a statement to Tadawul, adding that a trading halt will be imposed on its shares until the delisting procedures are completed. Dur will be fully owned by Taiba.

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