Tharwah acquires Amjad Watan for SAR 40M

Logo of Altharwah Albashariyyah Co. (Tharwah)

Altharwah Albashariyyah Co. (Tharwah) announced, on June 23, the acquisition of 100% of Amjad Watan for Exhibitions & Conferences Management Co. (seller), a one-person company, for SAR 40 million, according to a Tadawul statement.

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The ownership transfer and amendments to the Commercial Registration and Articles of Association have been finalized.

Amjad Watan is now a wholly owned subsidiary of Tharwah.

The deal structure includes payment of SAR 7 million at closing or earlier upon confirmation of transaction completion. Additionally, it includes a payment of SAR 5 million worth of Tharwah ordinary shares (second tranche), comprising 95,804 shares.

Finally, the remaining amount of SAR 28 million will be converted into Tharwah shares as permitted under the applicable regulations.

Amjad Watan’s right to receive these shares is subject to meeting predefined revenue targets over a three-year period as part of the performance-based shares, the statement said.

The ownership of the performance-based shares will be transferred to Amjad Watan in three installments, subject to the achievement of the agreed performance targets during the deferred performance period.

Tharwah reserves the right to grant all or part of the performance-based shares as incentives, depending on the seller’s performance in delivering the agreed-upon services and objectives. These may be awarded through employee incentive programs or other methods allowed under applicable regulations.

The company indicated that the ownership transfer was completed at the end of June 18, 2025, noting that the financial impact of the acquisition will commence in the second quarter of 2025.

There are no related parties are included in the deal.

Amjad Watan specializes in automation, digitization, and experience management using the latest global technologies. It owns several specialized digital products built on scientific foundations and supported by artificial intelligence (AI).

The acquisition complements Tharwah’s ongoing efforts to create a sustainable positive impact for individuals, organizations, and communities by building an integrated ecosystem to serve clients and support the Kingdom’s Vision 2030, the statement added.

The move further aligns with the company’s new strategy, which aims to drive business growth through acquisitions and capitalize on growth opportunities by entering new sectors.