Mar 13 2022
|Introduction||Further to the announcement made by Dur Hospitality Company (the “Company”) on the Saudi Exchange website on 03/11/1442H (corresponding to 13/06/2021G) in relation to the initial discussions with Taiba Investment Company (“Taiba”) relating to studying the merger of the two companies, the boards of directors of the two companies have agreed to end the initial discussions relating to the merger of the two companies, and not to proceed with studying it.
The board of directors of the Company confirms that its strategic vision will enable it to continue developing the services provided by the Company to serve the interests of its shareholders, customers and employees and enhance its leadership and competitive position.
The Company’s board would like to thank Taiba and all parties involved for their efforts.
|Previous Announcement||Dur Hospitality Company announces the decision of its Board of Directors on starting the initial discussions with Taiba Investment Company to study the merger of the two companies.|
|Date of Previous Announcement on Tadawul's Website||2021-06-13 Corresponding to 1442-11-03|
|Percentage of fulfilled achievement||Not applicable|
|Event's Expected Completion Date||Not applicable|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||The Company incurred cost of advisers in relation to the negotiations, but the Company does not foresee material adverse financial impact in relation to this event.|
|Additional Information||Not applicable|
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