BinDawood Holding subsidiary acquires 62% stake in International Applications

26/07/2022 Argaam

Headquarters of BinDawood Holding Co.

BinDawood Holding Co.'s wholly-owned subsidiary, Future Technology Retail (FTR), completed, on July 25, the acquisition of a 62% stake in International Applications Trading Co. (IATC), the company said in a bourse filing today, July 26.

 

The Tadawul-listed company stated that the regulatory procedures related to shares ownership transfer and notarization of the amended Article of Association by the notary public were completed. The total consideration will be paid as agreed in the amended appendix of the sale and purchase agreement. 

 

Majed Altahan, founder and shareholder, will continue as CEO of IATC, driving its growth and profitability.

 

In March, BinDawood Holding announced that FTR signed a sale and purchase agreement with Amwaj Real Estate Co. Ltd. and First Commercial Application Co. to acquire their 62% stake in IATC, according to Argaam's data.

 

For More Mergers and Acquisitions

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