BinDawood Holding Company (SASE:4161) agreed to acquire Jumeirah Trading Co Ltd from AbdulKhaliq Dawood BinDawood for SAR 186.5 million on May 23, 2024. The agreed consideration for the acquired shares is SAR 186.5 million, which will be subject to the adjustment of the net debt and working capital based on the terms of the Share Purchase Agreement (?SPA?), which will be paid to the Seller in cash, in accordance with the agreement. The transaction will be funded by the Company?s internal fund resources.

In year 2023, Jumeirah had revenues of SAR 142.87 million and Net income of SAR 22.21 million. The transaction is approved by BinDawood board of directors. This transaction will be subject to the shareholders?

approval in the General Assembly and other regulatory approvals including that of General Authority for Competition. Transaction is expected to be highly value accretive financially in the quarter in which the transaction is completed, which is expected during the second half of the year 2024.