Taiba Investments Co. (SASE:4090) signed a memorandum of understanding Centro Waha Hotel Riyadh/Centro Shaheen Hotel Jeddah from SHUAA Saudi Hospitality Fund I, fund of Shuaa Capital Saudi Arabia, Investment Arm for approximately SAR 330 million in cash on May 26, 2021. The amount will be paid by Taiba to Shuaa Capital Saudi Arabia as per the terms and conditions stipulated in the Sales & Purchase Agreement to be signed later for this purpose.Taiba Investments Co. (SASE:4090) will finance the acquisition through a loan from one of the financial institutions in addition to the Taiba's own resources. The execution of the said buyout transaction will be subject to financial, legal, statutory, and operational due diligence activities and approvals from the concerned governmental authorities. Taiba Investments Company and Shuaa Capital Saudi Arabia have extended the signed memorandum of understanding for 45 days starring July 25 to finalize the due diligence process for the acquisition transaction.