Golden Sands Hotel Co LLC made an offer to acquire remaining 34.91% stake in Salalah Beach Resort SAOG (MSM:SHCS) from Oman Tourism Development Company SAOC, Abdul Alim Mustahil Rakhiyoot and others for RO2.2 million on August 21, 2023. Under the terms, The board of directors of Salalah Beach Resort received a written notice of a cash-only takeover offer to acquire 34.91% of the share capital of SBR pursuant to the Takeover and Acquisition Regulations from Golden Sands Hotel Company. As a part of transaction, Golden Sands Hotel currently holds 65.09% of the SBR shares and wants to acquire the remaining 34.91% stake representing 2,182,030 shares from other SBR shareholders to increase its shareholding to 100%. As part of its takeover objectives, Golden Sands Hotel will continue the business of SBR and make necessary investments required to complete the renovation of rooms and other facilities of the hotel in Salalah. Upon completion of the offer, all employees of SBR will continue in their employment, and there will be no immediate change to the employment structure, the company said, adding that SBR employees will be subject to periodic appraisals and restructuring carried out in the standard course of business. As per the announcement, the trading of SBR shares will be suspended once the offer is accepted by 90% of SBR shareholders during the offer period, subject to regulatory approval. SBR shares will be delisted from MSX and converted into a closed joint-stock company. The takeover offer?s completion is subject to acceptance by SBR shareholders representing a minimum of 90% of the offer. SBR board of directors awaits the receipt of the ?Offer Document? from the offeror, which is subject to the approval of concerned regulatory bodies, including the Capital Market Authority of Oman. Golden Sands Hotel?s offer shall be open for 28 days from September 11, 2023, until October 8, 2023. The offer price is a cash-only offer of RO1 per SBR share. As of October 16, 2023, Golden Sands Hotel Co. LLC. to exercise the compulsory acquisition has been approved by the Capital Market Authority document. Board of Directors of Salalah Beach Resort has appointed United Securities LLC as a financial fairness advisor. Ubhar Capital SAOC is the manager of the offer and Dentons & Co acted as Legal Advisor to the Offeror.

Golden Sands Hotel Co LLC completed the acquisition of remaining 34.91% stake in Salalah Beach Resort SAOG (MSM:SHCS) from Oman Tourism Development Company SAOC, Abdul Alim Mustahil Rakhiyoot and others on December 27, 2023.