Riyadh - Mubasher: Naseej International Trading Company (Naseej) announced signing a share sale and purchase agreement to acquire 100% of the shares of Itmam Arabia for Real Estate Development Company, by increasing its capital through issuing new shares with the owners of Itmam Arabia for Real Estate Development Company (a limited liability company).

Today, Sunday, February 16, Naseej signed a sale and purchase agreement ( SPA ) with the owners of “Etmam Arabia for Real Estate Development” (the seller), for the purpose of acquiring 100% of the shares of “Etmam Arabia for Real Estate Development”, in exchange for issuing new shares in Naseej International Trading Company to the owners of “Etmam Arabia for Real Estate Development” in the amount of 6.3 million ordinary shares.

In a statement on Tadawul, Naseej clarified that its capital will be increased from SAR 108.97 million to SAR 171.99 million, by issuing 6.3 million ordinary shares, thus increasing the number of its shares from 10.97 million ordinary shares to 17.199 million ordinary shares, i.e. an increase of approximately 57.8% of the capital of Naseej International Trading Company before issuing its new shares (the acquisition deal).

"Nesij" revealed that the value of the acquired share of the company that will be purchased is 552 million Saudi riyals, noting that the value of "Nesij International Trading Company" was determined for the purpose of the acquisition deal at 954.61 million riyals, and the weighted average price was adopted by the trading volume of the share of Nesij International Trading Company for the period of 6 months preceding the signing and announcement of the sale and purchase agreement ( SPA ) from May 30, 2024 until February 13, 2025.

She stated that after completing the acquisition deal, the ownership percentage of the current shareholders in the International Textile Trading Company will decrease from 100% to approximately 63.4%, which will result in a decrease in the voting power of the current shareholders in the International Textile Trading Company.

It is noteworthy that Etmam Arabia Real Estate Development Company was established in 2015, and specializes mainly in real estate development and contracting projects.

The company closely monitors projects at all stages and aspects, conducts basic performance tests to ensure the overall efficiency of the project and the completion of each project according to specifications and standards, and provides guarantees on the structural safety of the building. The company provides innovative and sustainable solutions to meet the most complex challenges faced by its clients, especially in construction and renovation projects.