A subsidiary of Bin Dawood Acquires 62% of shares of International Commercial Applications

The BinDawood Holding Company announced on Tuesday the acquisition by its subsidiary (Future Retail for Information Technology Company), of 62% of the shares of International Applications Trading Company (“IATC”) on 25.07.2022.

The company refers that the regulatory process related to shares ownership transfer and notarizing the amended Article of Association by the Notary Public have been completed, and the consideration will be paid as agreed on the amended appendix of the Sale and Purchase Agreement.

The Founder and the shareholder Mr. Majed M. Altahan will continue his role as CEO of International Applications Trading Company and remain heavily involved in driving its growth and profitability.

This comes with reference to the announcement by BinDawood Holding Company (the “Company”) on the Saudi Exchange dated on 27/03/2022 and its subsequent announcements relating to the non-objection of the General Authority for Competition and the approval of the Company’s Ordinary General Assembly.