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Saudi Tadawul Group’s Wamid eyes 51% stake in DirectFN

Saudi Tadawul Group’s Wamid eyes 51% stake in DirectFN
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Riyadh – Mubasher: Tadawul Advanced Solutions Company (Wamid), a wholly-owned subsidiary of Saudi Tadawul Group Holding Company, inked a sale and purchase agreement to acquire 51% equity in Direct Financial Network Company (DirectFN).

Wamid penned the SAR 133.95 million deal with National Two Ventures, the sole shareholder which holds 99% of DirectFN’s share capital, on 24 November 2022, according to a bourse disclosure.

DirectFN, a fully-owned subsidiary of National Technology Group (NTG), offers financial content, in addition to technology products and services in the region.

The acquisition comes in line with Wamid’s growth strategy, as it will provide an opportunity to build new capabilities, reinforce innovation in the regional capital markets, and diversify revenue.

Wamid is considering various funding options which will be disclosed once agreed upon. Meanwhile, the transaction is expected to reflect positively on the group’s income statement.

Saudi Tadawul Group will reveal any further developments regarding the acquisition in due course.

In the first nine months (9M) of 2022, the listed group registered net profits after Zakat and tax worth SAR 367.40 million, down 23.01% from SAR 477.20 million in 9M-21.