Saudi Hotels & Resort Area Company signed today a contract to acquire all shares owned by “Abdulaziz Al-Abdullah Al-Suleiman & Brothers Company” in the Saudi Hotel Services Company for SAR 15m, according to a statement on Tadawul.

This transaction raises Saudi hotels stake to 40% of the Saudi Hotel Services Company capital.

The financial impact of the deal will be reflected on Q4 of 2014 financials; Saudi Hotels said.

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