Humania GCC Holding Limited entered into definitive agreement to acquire Kaya Middle East, DMCC from Kaya Limited (NSEI:KAYA) for AED 2.3 million on March 27, 2024. Humania GCC will pay AED 2.3 million 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. Kaya Middle East, DMCC reported revenue of AED 9,372,160 and net worth of AED 11,190,375 during the last financial year March 31, 2023.

Post completion of the acquisition, Given that the Company will cease to hold any shareholding in Kaya DMCC and cease control over Kaya FZE) (both of which are the Company?s material subsidiaries), approval of the Company?s shareholders is being sought by way of a special resolution. The transaction is subject to receipt of necessary approvals including regulatory authorities and the shareholders of Kaya Limited and the transaction is also subject to customary adjustments in respect of actual debt, actual working capital, gratuity payments to employees of the businesses being transferred and transaction related expenses and payables, in accordance with the terms of the definitive agreements. The transaction is expected to close in Quarter 2 of financial year ending on March 31, 2025.