Etihad Atheeb Telecommunication Company (GO) signed a binding memorandum of understanding (MoU) to acquire a 51 per cent share of the capital in Saudi Arabia-based IT venture EjadTech.
The stake acquisition is valued at $23.07 million (SAR 86.70 million), according to a bourse disclosure, Zawya reported.
The ordinary general assembly meeting (OGM) of the company passed the transaction, which is expected to impact the company’s financials during the third quarter (Q3) ending on 31 December 2024.
In the six-month period that ended on 30 September 2024, the company’s net profits increased by 4.81 per cent to SAR 105.33 million from SAR 100.49 million a year earlier.
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