BinDawood Holding Company (SASE:4161) agreed to acquire Jumairah Trading Company from Mr. AbdulKhaliq Dawood BinDawood for SAR 186.5 million on May 23, 2024. The consideration consists of SAR 186.5 million in cash. The consideration,which will be subject to the adjustment of the net debt and working capital based on the terms of the Share Purchase Agreement, which will be paid to the Seller in cash, in accordance with the agreement.

The transaction will be subject to the shareholders? approval in the General Assembly and other regulatory approvals including that of General Authority for Competition. The transaction will be funded by the Company?s internal fund resources.

Jumairah Trading Company reported revenue of SAR 142.87 million and net income of SAR 22.21 million for FY 2023. The transaction is expected to be completed during the second half of the year 2024.