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Riyadh, Saudi Arabia: April 2, 2014 Al-Tayyar Travel Group Holding Company has acquired 70 per cent 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. Distinguished 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.
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