JEDDAH: Saudi Arabia’s Al-Tayyar Travel Group said it has completed all procedures to acquire a 30 percent stake in Zakhr Investment and Real Estate Development through a share swap arrangement.

The 30 percent stake in Zakhr has been transferred to Al-Tayyar and the commercial registry of the travel firm has been amended to reflect the capital increase through the addition of 9.65 million new shares, Al-Tayyar said in a bourse filing.

Al-Tayyar, in a bourse filing on Jan. 5, said it will acquire 15 percent of Zakhr from Mohammed I. Alsubeaie & Sons Investment Co. (MASIC) and the same stake from Abdullah Almishal & Sons Co. (Almishal) for a total value of SR803.8 million ($214.4 million).

In return, the two Zakhr shareholders will receive new shares in Al-Tayyar, giving the pair a combined holding of 4.6 percent in the travel company.

Zakhr Investment has a project in Makkah which includes a hotel and residential and commercial facilities serving pilgrims and residents.