Humania GCC Holding Limited agreed to acquire Kaya Middle East FZE from Kaya Limited (NSEI:KAYA) for AED 30.7 million on March 27, 2024. The consideration is subject to customary adjustments for actual debt, actual working capital, gratuity payments to employees of the businesses being transferred and transaction related expenses and payables. In related transaction, Humania GCC Holding Limited entered into definitive agreement to acquire Kaya Middle East, DMCC from Kaya Limited (NSEI:KAYA) for AED 2.3 million.

Kaya Middle East FZE has revenues of AED 84.03 million and negative net worth of AED 17.319 million in financial year March 31, 2023. Upon completion of the transactions, Kaya DMCC will cease to be a wholly owned material subsidiary of the Company and Kaya FZE will cease to be a step-down material subsidiary of the Company. Transactions are subject to receipt of necessary approvals including those from regulatory authorities and the shareholders of the Company and expected date of completion is Quarter 1 of financial year ending on March 31, 2025.