‎Tadawul Group to capitalize on returns of 20 markets on Wamid’s acquisition of DirectFN stake: Wamid CEO

‎Tadawul Group to capitalize on returns of 20 markets on Wamid’s acquisition of DirectFN stake: Wamid CEO

Tadawul Advanced Solutions Co.’s (Wamid) acquisition of a 51% stake of Direct Financial Network Co. (DirectFN) will enable Saudi Tadawul Group Holding Co. (Tadawul Group), which owns 100% of Wamid capital, to establish presence in around 20 markets, in addition to leveraging on returns and diversifying sources of income, Wamid CEO, Mohammed Al-Nory told Argaam in an interview.

Tadawul Group announced that its wholly-owned subsidiary Wamid signed on Nov. 24 a sale and purchase agreement (SPA) with National Two Ventures LLC (sole proprietorship) that holds 99% of DirectFN. Under the agreement, Wamid will acquire a 51% stake in DirectFN for SAR 134 million, according to Argaam.

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