Al Tayyar expected to incur SAR 422 mln loss in Q3, says Riyad Cap

21/10/2018 Argaam

 

Al Tayyar Travel Group is likely to sustain net losses for the first nine months of the year, on selling its 30 percent stake in Thakher Investment and Real Estate Co., Riyad Capital said in a recent report.

 

Liquidity generation appears to be the main reason for this deal.

 

“With the sale of the total stake for SAR 377 million, Al Tayyar shareholders shall incur a realized non-cash loss of SAR (422) million or SAR (2.01) per share on this investment,” the brokerage firm added.

 

Riyad Capital said that it provides no market coverage on Al Tayyar, assigning no investment recommendation or a target price to the stock.

 

In 2016, Al Tayyar acquired a 30 percent stake in Thakher for a total value of SAR 804 million, under a share-swap deal through the issuance of 9.65 million new shares.

 

Earlier this month, the travel group sold its 30 percent holding in Thakher for a total value of SAR 377 million.

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