Dubai’s Golden Sands acquires 34.9% stake in Salalah Beach Resort

Dubai’s Golden Sands acquires 34.9% stake in Salalah Beach Resort

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 […]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