BinDawood Holding Co. Announces an update on 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.
|Introduction||Reference to the announcement published by BinDawood Holding Company (the “Company" or “BinDawood Holding”) on the Saudi Exchange dated 26/07/2022G corresponding to 27/12/1443H, in regards to completing the regulatory process related to shares ownership transfer and notarizing the amended Article of Association by the Notary Public, Therefore, the Company is pleased to announce to the shareholders the completion of the process of the acquisition by its subsidiary (Future Retail for Information Technology Company), of 62% of the shares of International Applications Trading Company (“IATC”) and paying the consideration as agreed on the amended appendix of the Sale and Purchase Agreement on 24/01/1444H Corresponding to 22/08/2022G.|
|Previous Announcement||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.|
|Date of Previous Announcement on Tadawul's Website||2022-07-26 Corresponding to 1443-12-27|
|Percentage of fulfilled achievement||100% of the acquisition project|
|Event's Expected Completion Date||N/A|
|Reasons for Exceeding the Announced End Date||N/A|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||N/A|
|Impact of the Delay on the Company's Financial Results||N/A|
|Additional Information||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 financial impact of the acquisition will be reflected in the financial results of the financial year 2022G.
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.