RIYADH: Shares in Tourism Enterprise Co., known as Shams, soared over 2 percent to SR220.2 ($58.72), the highest level since 2013.
Most recently, Shams board of directors recommended a capital increase through the issuance of SR525.2 million in rights, according to a statement carried by Argaam.
Currently it has a non-binding agreement with Shuaa Capital to acquire 100 percent of hotels for SR735 million excluding real estate taxes.
Founded in 1991, Shams became a joint stock company in 1996, and listed on the Saudi stock exchange in 1999.