IssuerAnnouncementDetailsV2Portlet
ActionsLadun Investment Company Announces the signing of an agreement to terminate the acquisition contract for Lak Investment Trading Company.
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Announcement Detail | Ladun Investment Company announces the signing of an agreement to terminate the acquisition contract for Lak Investment Trading Company, originally signed with a related party, Mr. Nasser bin Saad Al-Araifi, who acted as the representative for the second party in the contract dated 04/08/1442 AH (March 17, 2021), with a total contract value of SAR 128,788,223 at that time. The termination agreement was signed on 30/10/2024 based on the Board approval issued on the same date, with the amount to be refunded totaling SAR 133,007,906 during the years 2024 and 2025. The difference between the compensation and the original acquisition value results from the present value difference of the amount refunded by the second party as agreed upon. Ladun Investment Company confirms that the contract was executed without preferential terms. This decision was reached after a thorough examination of the anticipated impacts, aiming to serve the best interests of both the shareholders and the company. It is noteworthy that the contract termination was achieved by mutual agreement between the parties. Related parties in the agreement: Mr. Nasser bin Saad Al-Araifi, Chairman of the Board. Mr. Sulaiman bin Abdulaziz Al-Batli, MD |
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