Logo of Taiba Investments Co.
Taiba Investments Co. said on Oct. 15 that it had initiated voluntary liquidation procedures for Nuzul Shada Hotel Co., in which its wholly owned subsidiary, Dur Hospitality Co., holds a 60% stake. The hotel company has a capital of SAR 40 million.
In a statement to Tadawul, Taiba said the decision followed a periodic review of its investment portfolio and was in line with its strategic direction.
The company does not expect the liquidation to have a material impact on its consolidated financial statements. Any financial impact will be recognized upon completion of the liquidation procedures, it added.
Dur Hospitality signed a binding share purchase agreement with Shada Hotel in…