Naseej board decides against Etmam acquisition

The company will not incur any financial obligations upon termination of the agreement

Naseej International Trading Co.’s board of directors decided, on Dec. 18, not to proceed with the acquisition of a 100% stake in Etmam Arabian Real Estate Development Co.

The company will terminate the agreement as the required conditions precedent to the transaction were not met, it said in a statement to Tadawul.

Naseej will not incur any financial obligations upon termination of the agreement. There will be no material impact on the company’s financial position or operating results, the statement said.

According to data available with Argaam, Naseej signed an agreement in February with Etmam shareholders to acquire a 100% stake in the company in exchange for the issuance of approximately 6.3 million new Naseej shares.