BinDawood Holding’s subsidiary concludes acquisition of 62% stake in IATC

23/08/2022 Argaam

Logo of BinDawood Holding Co.

BinDawood Holding Co. announced that its wholly-owned subsidiary, Future Technology Retail (FTR), completed the acquisition of a 62% stake in International Applications Trading Co. (IATC), according to a bourse filing today, Aug. 23.

 

The total consideration was paid as agreed in the amended appendix of the sale and purchase agreement (SPA).

 

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

 

The relevant financial impact will appear on financial results of 2022.

 

In March, BinDawood Holding announced that FTR signed a SPA 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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