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BinDawood Holding Co. — M&A Activity 2022
Jul 26, 2022
53404_rns_2022-07-26_ab72a85c-8f67-4cc2-9675-5711e19e8a03.html
M&A Activity
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BinDawood Holding Company announces the acquisition by its subsidiary (Future Retail for Information Technology Company), of 62% of the shares of International Applications Trading Company.
4161 · 26/07/2022 08:18:08 · Announcement #69365 · View on Saudi Exchange
BinDawood Holding Company announces the acquisition by its subsidiary (Future Retail for Information Technology Company), of 62% of the shares of International Applications Trading Company.
| Element List | Explanation |
|---|---|
| Announcement Detail | Following the announcement by BinDawood Holding Company (the “Company") on the Saudi Exchange dated on 27/03/2022G corresponding to 24/08/1443H and its subsequent announcements relating to the non-objection of the General Authority for Competition and the approval of the Company’s Ordinary General Assembly. |
Therefore, the Company is pleased to announce to the shareholders the acquisition by its subsidiary (Future Retail for Information Technology Company), of 62% of the shares of International Applications Trading Company (“IATC”) on 26/12/1443H Corresponding to 25/07/2022G.
The company refers that the regulatory process related to shares ownership transfer and notarizing the amended Article of Association by the Notary Public have been completed, and the consideration will be paid as agreed on the amended appendix of the Sale and Purchase Agreement.
The Founder and the shareholder Mr. Majed M. Altahan will continue his role as CEO of International Applications Trading Company and remain heavily involved in driving its growth and profitability.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.