Shams Announces End of Contract with APOGEE ATTRACTIONS LLC

Tourism Enterprises Company (“Shams”) announced on Tuesday the end of contract with the American company (APOGEE ATTRACTIONS LLC) signed on 24/02/2019 to provide consultancy, studies, designs and development plans for recreational services at the Palm Beach Resort.

With reference to the announcement of the Tourism Enterprises Company (“Shams”) on 02/24/2019 regarding the signing of an agreement with the American company (APOGEE ATTRACTIONS LLC) to provide consultancy, studies , designs and development plans for recreational services in the Palm Beach Resort, he company’s management announces however, that the contract, signed at a cost of $20,600, has a duration of (6) months that ended on 23/8/2019, during the period of the previous board of directors, whose term ended on 05/27/2021 without any developments on the contract, as none of the projects referred to in the previous announcement has been decided upon.

Also, there is no financial impact or financial obligations as a result of the termination of the contract.

In the basis of the principle of transparency and in accordance with the regulation of instructions for companies’ announcements issued by the Board of Directors of the Capital Market Authority, the company’s current board of directors decided to inform its shareholders of all developments related to the company’s directions.

The company said “It should be noted that the current board of directors of the company, which began its session on 05/28/2021, is working on setting strategic plans and objectives for the company’s future directions and restructuring the company’s capital.”

It added that the current board of directors ended in a short period of time on 5/05 5/1443H corresponding to 12/92021G Reducing the company’s capital from 101,500,000 Saudi riyals to 52,566,930 Saudi riyals, with a reduction rate of (48.21%) of the company’s capital.”

In addition, on 12/23/2021, the company appointed Wasata Capital Company as a financial advisor to increase the company’s capital by offering first rights shares with a value of (315,401,580) Saudi riyals, to become the company’s capital after the increase, at a rate of 367,968,510 Saudi riyals An increase of (600%) of the company’s capital.

The company’s capital increase aims to support working capital, enhance the company’s financial solvency, rehabilitate the current resort located in the Eastern Province, and engage in investments in the tourism sector in support of the Kingdom’s 2030 vision, which aims to increase and develop hospitality facilities and other tourism services.