Shams inks MoU to acquire stake in Hemaia Group

Tourism Enterprise Co. (Shams) signed on Feb. 14 a memorandum of understanding (MoU) to acquire part of stakeholders’ shares in unlisted firm Hemaia Group, Shams said in a statement to Tadawul.

Under the extendable 90-day MoU, Shams will buy shares owned by the following stakeholders:

- Saud Al Khalifa Madaj & Co. for transferring funds, gold and jewelry

- Saud Al Khalifa Madaj & Co. for security services

- Hemaia Security, Safety and Trade Co. Ltd.

Shams appointed PricewaterhouseCoopers (PwC) as financial advisor to conduct the due diligence.

Hemaia Group appointed BDO Saudi Arabia, Dr. Mohamed Al-Amri & Company, as its financial advisor.

The deal has no related parties, and has no impact on its results. It will require regulatory approvals upon finalization.

The move comes in support of Shams strategic plans to diverse its investments, it added.