Tadawul Group’s WAMID buys remaining 49% of DirectFN for SAR 220.5M

Logo of Tadawul Advanced Solutions Co. (Wamid)

Saudi Tadawul Group Holding Co. (Tadawul Group) said its subsidiary, Tadawul Advanced Solutions Co. (WAMID), acquired the remaining 49% stake in Direct Financial Network Co. (DirectFN) for SAR 220.5 million.

In a statement to Tadawul, Tadawul Group said that the stake was owned by National Two Ventures (sole proprietorship LLC). Thus, WAMID is now the sole owner of all shares in DirectFN Ltd.

For More Mergers and Acquisitions

The acquisition will be funded by Tadawul Group’s existing Sharia-compliant banking facilities, the statement added, noting that the deal is expected to positively impact the group’s financials over time.

The transaction, subject to the completion of the regulatory requirements, is an integral part of WAMID's growth strategy, supporting Tadawul Group’s ambitious strategy.

The move is expected to create an opportunity to build new capabilities, elevate innovation in the regional capital markets, diversify revenues, and advance the capital market.

In May 2023, Tadawul Group announced that WAMID signed a deal with National Two Ventures to acquire a 51% stake in DirectFN for SAR 134 million, Argaam reported.