Fitaihi Group agrees to sell stake in Luxury Goods to Mohammed Fitaihi for SAR 14.4 mln

The ordinary general meeting (OGM) of Fitaihi Holding Group, held on July 15, agreed to sell group’s 80% stake in the share capital of its subsidiary, Luxury Goods Trading Company Limited, to the board member Mohammed Ahmed Hassan Fitaihi for SAR 14.36 million.

The company said in a statement to Tadawul that the amount will be paid as follows:

1) A down payment of SAR 8.62 million, equivalent to 60% of the the sale transaction, after the approval of the general assembly and the signing of the sale contract.

2) The remaining SAR 5.74 million, equivalent to 40% of the deal value, will be paid through obtaining gold and jewelry merchandise, selected by Fitaihi Group, from Luxury Goods at fair value as of the date of receiving the selected merchandise.

According to data available with Argaam, in June this year Fitaihi Group signed a non-binding memorandum of understanding (MoU) with the executive board member, Mohammed Fitaihi, to sell 80% of its stake in Luxury Goods, which owns the brands of Baby Fitaihi, M. Fitaihi and Mamluki.