Arabian Centres, Alhokair ink deal to buy 51% of e-commerce platform for SAR 138 mln
03/03/2021 Argaam
The signing of the acquisition agreement
Arabian Centres Co. and Fawaz Abdulaziz Alhokair Co. signed an agreement to acquire 51% of an e-commerce platform for SAR 138 million.
Arabian Centres signed a share purchase agreement to buy 39,250 shares, or 25.5% of VogaCloset Ltd. for a total consideration of $18.36 million (SAR 68.85 million), the company said in a joint statement. Under the deal, ACC will acquire a total of 13,600 shares of VogaCloset’s outstanding shares and will inject $12 million (SAR 45 million) in additional capital.
Alhokair will also buy 39,250 shares of VogaCloset’s outstanding shares, translating to an ultimate ownership of 25.5% of VogaCloset after raising its capital.
Solidarity, Aljazira Takaful merger takes effect as creditor objection period ends
28/02/2021 Argaam
Logo of Solidarity and Aljazira Takaful
The creditor objection period for the merger between Solidarity Saudi Takaful Co. (Solidarity) and Aljazira Takaful Taawuni Co. ended Feb. 26, 2021, without any outstanding objections from Solidarity’s creditors.
The company said in a statement to Tadawul that it has received two separate objections from creditors pertaining to existing claims previously filed against the company, and is currently awaiting final judgement from a court in Saudi Arabia.
Solidarity’s ultimate liability pertaining to these two claims is still subject to a final judgement from the court; however, these potential liabilities and/or debts are not currently due and are deferred debt for the purpose of the provisions of Article 193 of the Companies Law.