Shams board approves funding Hemaia Group deal

Tourism Enterprise Co.’s (Shams) board of directors approved on Feb. 26 to finance the acquisition of Hemaia Group from the company’s own funds, it said in a statement to Tadawul.

Shams will decide if it will go forward with the acquisition after it receives the due diligence report, conducted by financial advisor PricewaterhouseCoopers (PwC), which is expected next month.

Shareholders’ approval on the step is not mandatory and there’s no expected financial impact, the statement said.

According to data compiled by Argaam, Shams signed on Feb. 14 a memorandum of understanding (MoU) to acquire part of stakeholders’ shares in unlisted security firm Hemaia Group.