BinDawood Holding completes takeover of Jumeirah Trading

31/07/2024 Argaam

BinDawood Holding completes takeover of Jumeirah Trading

Logo of BinDawood Holding Co. 

BinDawood Holding Co. completed the 100% acquisition of Jumeirah Trading Co., the company said in a statement to Tadawul today, July 31.

 

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The company finalized the regulatory procedures for the share transfer and documented the amended articles of incorporation with the notary.

 

The financial consideration of SAR 186.5 million will be paid as agreed upon in the sale and purchase agreement (SPA).

 

BinDawood Holding expects the transaction to positively impact both the company and its shareholders during the second half of 2024.

 

The deal aligns with the company’s strategy to expand distribution operations, reduce supply chain risks, and improve profit margins through vertical integration with current operations.

 

BinDawood Holding sealed the SPA on May 23, with Jumeirah Trading making a profit of SAR 22.2 million in 2023, according to data available with Argaam.

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