Muscat – Salalah Beach Resort Company (SBR) announced that its majority shareholder, the UAE-based Golden Sands Hotel Company, has acquired an additional 34.91% stake in the company, making it the sole owner of SBR.
In a disclosure submitted to the Muscat Stock Exchange, Salalah Beach Resort said, ‘The company would like to inform that Golden Sands Hotel Company has successfully acquired a 34.91% stake in SBR through the compulsory acquisition process, in accordance with the stipulations outlined in Articles 62 to 65 of the Takeover & Acquisition Regulation of the Capital Market Authority (CMA).’
Before this acquisition, Dubai-based Golden Sands Hotel held 65.09% of SBR shares. This strategic move positions Golden Sands Hotel Company as the 100% shareholder of Salalah Beach Resort, effective December 27, 2023, according to the SBR disclosure.
On October 16, 2023, the Capital Market Authority approved Golden Sands Hotel Company’s request to exercise compulsory acquisition to buy a 34.91% stake in SBR.
SBR, operating in the hospitality and tourism industry in Oman, owns and operates the Hilton Salalah Resort.
As part of its takeover objectives, Golden Sands Hotel Company will continue the business of Salalah Beach Resort and make necessary investments to complete the renovation of rooms and other facilities at the hotel in Salalah, as per Golden Sands Hotel Company’s earlier announcement.
The company also announced that SBR shares will be delisted from MSX and converted into a closed joint-stock company.