The Future Retail Information Technology Company, which is 100% owned by Bin Dawood Holding Company, has signed a non-binding Memorandum of Understanding with Amwaj Real Estate Company Limited and First Commercial Application Trading Company ( Vendors), regarding the acquisition of 62% of the shares of International Trade Applications Company (potential acquisition).
According to Arabiya Net, the international trading app company develops and operates the Danube online shopping platform and two smartphone applications for both the Bindawood and Danube brands, in addition to managing all Online shopping platform services and smart phone applications, according to the company in a statement to Saudi Tadawul.
The potential acquisition is in line with BinDawood Holding Company's objectives in strengthening its position in multi-channel e-commerce, and the potential acquisition is expected to have a positive financial impact for Bindawood. The holding and its shareholders in the event of the completion of the transaction.
The memorandum shall enter into force from the date of signature and for a period of 180 days, subject to extension with the consent of all parties.
