Latest news with #AmjadWatan
Argaam
19-06-2025
- Business
- Argaam
Tharwah amends payment terms for Amjad Watan acquisition
Altharwah Albashariyyah Co. (Tharwah) agreed to amend the share settlement terms under its deal to acquire 100% of Amjad Watan for Exhibitions & Conferences Management Co., according to a statement on Tadawul today, June 19. Under the amended terms, SAR 7 million will be paid in cash at deal closure or earlier, provided its completion at Tharwah's discretion. An additional SAR 5 million will be settled in the form of 95,804 ordinary shares in Tharwah (second tranche), issued as the company sees fit. The remaining SAR 28 million in acquisition value will be converted into Tharwah shares, pending regulatory approvals. These will be performance-based shares, earned over three years if revenue targets are met. The seller may receive these performance-based shares and the other shares entailed under the second tranche as rewards, depending on the seller's contributions and performance during the agreed service period. Shares may be granted through employee incentive schemes or other mechanisms. The total number of conditional shares tied to the remaining SAR 28 million has been set at 536,501 shares. Tharwah said it will announce any other material developments in due course. On April 17, Tharwah signed a binding agreement to fully acquire Amjad Watan, according to Argaam 's data. The deal entails a mix of cash payments and newly-issued shares by increasing Tharwah's capital, pending approvals from the Capital Market Authority (CMA) and the deciding extraordinary general assembly.
Argaam
18-05-2025
- Business
- Argaam
Tharwah board proposes 200,000 share buyback
Altharwah Albashariyyah Co.'s (Tharwah) board of directors recommended, on May 15, repurchasing up to 200,000 of the company's shares, representing 4.25% of its share capital, to be held as treasury shares. In a statement to Tadawul, the company said that the buyback will not impact the level of public ownership of the traded shares, in accordance with regulations set by the Capital Market Authority (CMA), financial market rules, and the applicable laws in Saudi Arabia. The buyback is intended to facilitate share-swap transactions as part of the acquisition deal for Amjad Watan for Exhibitions and Conferences Management. A portion of these shares will be allocated to the company's employees in the future under a long-term incentive program. The buyback will be funded from its own resources, Tharwah stated, adding that the repurchased shares will carry no voting rights in shareholders' meetings. The buyback requires approval from the extraordinary general meeting (EGM) and must meet the financial solvency requirements outlined in the executive regulations of the Companies Law for listed joint stock companies. The company confirmed it does not currently hold any treasury shares.
Argaam
18-05-2025
- Business
- Argaam
Tharwah appoints new financial advisor for Amjad Watan acquisition
Altharwah Albashariyyah Co.'s (Tharwah) board of directors decided to terminate the engagement with Mekyal Financial Technologies Co., the company said in a statement to Tadawul. The board approved the appointment of Qima Financial Co. as the new financial advisor to oversee the acquisition of Amjad Watan for Exhibitions and Conferences Management (a sole proprietorship) and related procedures. Any material developments will be announced in due course, the statement added. According to data available with Argaam, Tharwah signed, on April 17, a binding and conditional acquisition and subscription agreement with Amjad Watan to acquire 100% of the company's shares.
