Fitaihi shareholders to vote on selling subsidiary shares on July 15

Fitaihi Holding Group’s shareholders are set to vote on the related party contracts and agreements to take place with the board member Mohammed Ahmed Hassan Fitaihi, during the ordinary general assembly meeting (OGM) slated for July 15, 2020.

Transactions and contracts will be represented in the sale of Fitaihi Holding Group’s 80% stake in its subsidiary, Luxury Goods Trading Co. Limited, to the board member, for a sum of SAR 14.36 million, to be paid as follows:

1- Down payment of SAR 8.62 million, equivalent to 60% of the transaction’s value, upon the approval of the general assembly and the signing of the sale contract.

2- Paying the remainder of the transaction amount of SAR 5.74 million, equivalent to 40% of the value of the sale transaction, through obtaining gold and jewelry merchandise, selected by Fitaihi Holding Group, from the subsidiary at its fair value as of the receiving date of the selected merchandise.

Earlier this month, Fitaihi Holding Group signed a non-binding memorandum of understanding (MoU) with the executive board member, Mohammed Ahmed Hassan Fitaihi, to sell 80% of its stake in the subsidiary, Luxury Goods Trading Co. Ltd (Baby Fitaihi), worth SAR 14.36 million.