The Board of Al Arafa for Investment and Consultancies Company (S.A.E) (CASE:AIVC) announced the spin-off of Financial, Administrative and Investment Consultancy Activities on July 24, 2023. As per the transaction shareholders of Al Arafa for Investment and Consultancies Company (S.A.E) will receive 1 share of new company for every share held. The transaction is approved by board of directors of Al Arafa for Investment and Consultancies Company (S.A.E).

The transaction is approved by shareholders of Al Arafa for Investment and Consultancies Company (S.A.E). After the transaction, new company will be named as G-TEX for Commercial and Industrial Investments S.A.E. EFG Holding Company acted as financial advisor to Al Arafa for Investment and Consultancies Company (S.A.E).