Saudi Hotels reduces one of its affiliates’ capital

24/04/2014 Argaam

Saudi Hotels and resorts Company said that the partners of its affiliate, Saudi Hotel Services Company, decided to reduce the company’s Capital from SAR 100m to SAR 30m for exceeding the company’s current needs.

Saudi Hotels, as one of the partners, received today SAR 12m representing its share in the reduction.

Saudi Hotels and resorts Company owns 40% of Saudi Hotel Services Company which owns Riyadh Palace Hotel in Riyadh.

The company said that this transaction will not affect partners’ ownership ratios, number of shares or the company’s obligations.

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