iOud secures GAC clearance on Thannah’s acquisition

09:06 AM (Mecca time) Argaam- Nomu
iOud signed final acquisition agreement with Thannah owners on Oct. 15

iOud signed final acquisition agreement with Thannah owners on Oct. 15

Nomu-listed Intelligent Oud Trading Co. (iOud) received a "no notification required" certificate from the General Authority for Competition (GAC) related to its 100% acquisition of Thannah Trading Co.

 

According to a statement to Tadawul, the company said that it will announce the completion of the transaction and any other material developments in due course.

 

On Oct. 15, iOud signed a final acquisition agreement with the owners of Thannah to acquire 100% of the latter’s capital for SAR 59.47 million.

 

The acquisition will be executed through a capital increase by issuing 1.17 million new shares in favor of Thannah’s owners.

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