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BinDawood Holding

BinDawood Holding Company announces the completion of the procedures for the acquisition of Jumairah Trading Company.

BinDawood Holding

BinDawood Holding Company announces the completion of the procedures for the acquisition of Jumairah Trading Company.

Element List Explanation
Introduction Reference to BinDawood Holding Company’s announcement published on 23/05/2024G corresponding to 15/11/1445H regarding the acquisition of 100% of the shares of Jumairah Trading Company with a consideration of SAR 186.5 million subject to adjustment as per the Share Purchase Agreement (“SPA”). Accordingly, the company announces 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 of 100 % of the shares of Jumairah Trading Company and the consideration will be paid as agreed in the Sale and Purchase Agreement.
Previous Announcement BinDawood Holding Company announces the signing of Share Purchase Agreement for the acquisition of 100% of the shares of Jumairah Trading Company in a value of SAR 186.5 million.
Date of Previous Announcement on Saudi Exchange’s Website 2024-05-23 Corresponding to 1445-11-15
Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here
Latest Developments Of The Announced Event Completing the regulatory process related to shares ownership transfer and notarizing the amended Article of Association by the Notary Public, and the completion of the process of the acquisition of 100 % of the shares of Jumairah Trading Company and the consideration will be paid as agreed in the Sale and Purchase Agreement.
Reasons For The Delay on The Date of The Event Previously Announced Not Applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. The acquisition amounted to SAR 186.5 million, subject to adjustment as per the Share Purchase Agreement.
Delay consequences on the Company’s financial results Not Applicable
Additional Information The Transaction is expected to be highly value accretive financially in the second half of the year 2024. 

 

This deal represents an extension of the BinDawood Holding strategy and is in line with the Company Strategic vision to expand its operations in distribution, to reduce supply chain risks and to improve profitability margins by controlling powers and vertical integration.

 

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.

Awards

Our Awards

Award
Best Strategy and Execution – Public Sector

Salim Patka,
CFO,
BinDawood Holding

November 2020
Award
Chief Financial Officer of the Year

Salim Patka,
CFO of the Year
Saudi Trade Finance Awards

November 2019
Award
Digital Innovation Awards

Danube Online
Excellence in Digital Innovation
IDC CIO Excellence Awards, KSA

September 2019