PIF signs deal with UAE’s Depa to acquire controlling stake

11/02/2022 Argaam

Logo of Public Investment Fund

Saudi Arabia’s Public Investment Fund (PIF) signed an agreement with interior design and specialty contractor Depa Plc to acquire a controlling stake in the firm for AED 150 million ($40.84 million) worth of new 750 million shares.

 

In a statement, the company said the deal will allow the PIF to own 55% of the company, and the fund may also exercise the right to purchase additional shares and a stake of up to 62.5% in 18 months after the completion of the transaction.

 

Under the deal, Depa’s board will be restructured to include 5-11 members, with the appointment of new members from the PIF.

 

The interior design and specialty contractor was listed on Nasdaq Dubai in 2008, according to data compiled with Argaam.

 

Al-Futtaim Capital owns 26.4% of Depa, Mashreq Bank (24.2%), Al Mazrouei Investments (8.9%), and Clarity Fund (7.7%).

 

Depa's past interior works projects included Burj Khalifa, Emirates Palace and Burj Al Arab.

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