Tadawul Group’s subsidiary WAMID completes acquiring 51% of DirectFN for SAR 133.95 million

Saudi Tadawul Group Holding Co. announced the completion of its subsidiary, Tadawul Advanced Solutions Company (“Wamid”), a sale and purchase agreement with National Two Ventures Sole Shareholder LLC to acquire 51% shares in Direct Financial Network Company (DirectFN Limited) in the value of SAR 133,951,500.

In reference to the announcement made by the Saudi Tadawul Group Holdings Company (the “Group”) on the (Saudi Exchange) dated November 24th, 2022 with respect to the Sale and Purchase Agreement that was entered into by its wholly owned subsidiary Tadawul Advanced Solutions Company (“Wamid”) and National Two Ventures Sole Shareholder LLC (the “Agreement”) relating to the acquisition by “Wamid” of 51% shares in Direct Financial Network Company (DirectFN Limited) (the “Target”) (the “Transaction”),

The company stated on Monday on Tadawul that the transaction will be funded by internal resources of Saudi Tadawul Group Holding Company, which will be covered by a Sharia compliant bank facility.

It is worth noting that certain of the conditions relating to the restructuring of the “Target” group have been moved to post-completion obligations in accordance with the Agreement.

The “Group” stated that it will announce any other material developments at the relevant time in accordance with the relevant regulatory requirements.