WAMID, Tadawul Subsidiary, Acquires Remaining 49% Stake in DirectFN

Saudi Tadawul Group Holding Co. (the “Group”) announced on Sunday that its subsidiary, Tadawul Advanced Solutions Company (WAMID), has acquired the remaining 49% stake in the issued capital of Direct Financial Network Company (DirectFN Limited), which is the stake owned by National Two Ventures (Sole Shareholder LLC). The deal is valued at SAR 220.5 million.

It added, “WAMID will be the sole owner of all shares in Direct Financial Network Company (DirectFN Limited),” indicating that the deal is an integral part of WAMID’s growth strategy that supports the Group’s ambitious strategic aspirations.

It added, “The acquisition of 100% of the issued capital of Direct Financial Network Company (DirectFN Limited) will play a role in creating opportunities to build new capabilities, raise the level of innovation in the financial markets in the region, diversify revenues, and enhance the progress of the financial market.” The Company pointed out that the value of the acquisition will be financed through the existing banking facilities of the Saudi Tadawul Group Holding Company, which are compatible with Islamic law