Tadawul Group to capitalize on returns of 20 markets on Wamid’s acquisition of DirectFN stake: Wamid CEO
- Date: 29-Dec-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
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.
For More Mergers and Acquisitions