“Naseej” withdraws from the acquisition of “Etmam” due to failure to meet the terms of the deal
The board of directors of the company decided "Global Textile Trading"In its meeting held yesterday, Wednesday, it decided not to move forward with the deal to acquire 100% of the company’s shares "Item Al Arabiya Real Estate Development"and termination of the agreement for not fulfilling the necessary preconditions to complete the deal.
And it was "texture" On February 16, it announced the signing of a share sale and purchase agreement to acquire 100% of the shares of Tamam Arabia Real Estate Development Company by increasing its capital through the issuance of new shares allocated to the owners of Tamam Arabia Real Estate Development Company (a limited liability company).
It confirmed "texture" In a statement on "Saudi Arabia trading"Today, Thursday, this termination does not result in any financial obligations for the company, nor is there a material financial impact resulting from this decision on the company’s financial position or the results of its business.
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