Al Tayyar Travel Group Holding declares the recommendation of its Board of Directors to increase capital by issuing shares
Al Tayyar Travel Group declares the recommendation of its Board of Directors as per the decision taken on Tuesday 22/3/1436 AH (13/1/2015). The recommendations include:
Increasing the capital of the company from SR 1500 million to SR 2000 million to support the future expansions of the company. The 33 per cent increase in capital will be derived from undistributed profits valued at SR 500 million as listed in the financial statements of the company on 31/12/2014.
The number of shares will rise to 200 million, an increase of 50 million, on a basis of one free share per three existing shares.
Shareholders registered on the company’s registry with Tadawul are eligible for bonus shares, which will be issued by the end of trading on the day of the company’s shareholder meeting. This date will be determined after obtaining the required approvals from the concerned authorities.
Expressing his confidence in the continued success of the group, Dr. Nasser Al Tayyar, Deputy Chairman & President of Al Tayyar Travel Holding Company, said “The increase in capital is a significant milestone yet again for the Group. Today we are the leading provider of travel and tourism services in the Kingdom and we are confident that we will be the industry leaders globally as well. This accomplishment will support our future expansion projects to provide extensive services to our customers worldwide.”
About Al Tayyar Travel Holding Company (www.altayyargroup.com)
Through professional services and distinguished client care, Al Tayyar Travel Group is the trusted agency of more than 1,600 governmental and private corporations. Boasting over 3,000 employees, the company serves customers in more than 350 branches, including 28 outlets in all domestic and international airports in KSA, as well as 32 global branches.
Understanding the importance of a presence in customer tourist destinations, the group has invested in approximately 400 branches across KSA, the GCC, Egypt, Sudan, Lebanon, Malaysia, the United Kingdom, Canada and other popular tourist locations.
Since the opening of its first office in 1980, Al Tayyar Travel Group has become one of the top 100 brands in KSA, thanks to its competitive rates and quality standards. It is also ranked amongst the 25 best travel companies in the MENA region and is the preferred travel and tourism agent of fourteen international airlines.