National Building buys 9% stake in UAE's Diggipacks Holding

Logo of National Building and Marketing Co.

National Building and Marketing Co. (NBM) signed today, April 21, 2021, an agreement to purchase a 9% stake in UAE-based Diggipacks Holding SPV Ltd. by trade exchange, the company said in bourse filing.

The company purchased the stake in Diggipacks Holding in exchange for providing shipping services and logistical support as per the below contract terms:

- Diggipacks Holding SPV Ltd. sold 9%, or 900,000 out of 10 million issued shares, to NBM

- NBM is committed to approving Diggipacks Holding as a provider of transport services without preferential conditions, provided the volume of transactions within two years of the deal conclusion is not less than SAR 15 million

The contract duration is as registered in the Articles of Association for Diggipacks Holding.

The financial impact of the contract will appear as of 2022, the statement noted.

UAE-based Diggipacks Holding SPV Ltd uses electronic application technology to provide shipping and logistics services (storage services, product receiving, shipping and delivery, technology, tracking and information transfer, customs clearance, etc.)

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