Riyadh – Mubasher: BinDawood Holding Company' subsidiary, Future Retail for Information Technology Company (Future Tech Retail), has inked a non-binding memorandum of understanding (MoU) to acquire 62% of International Applications Trading Company’s (IATC) shares.
Future Tech Retail aims to purchase the stakes of both Amwaj Real Estate Company and First Commercial Application Company which own 42% and 20%, respectively, in IATC, according to a bourse filing on Sunday.
The non-binding agreement will be effective for 180 days from the signing date on 10 February, while its extension will be subject to the approval of all parties.
The Saudi listed company noted that the potential deal aims to enhance its position in e-commerce and it will reflect positively on its shareholders.
