Ladun Investment scraps deal to acquire Lak Investment

30/10/2024 Argaam
Logo ofLadun Investment Co.

Logo of Ladun Investment Co.

Ladun Investment Co. signed a termination agreement to cancel its SAR 128.79 million acquisition of Lak Investment & Trading Co., initially signed with related party Nasser Al-Arifi, acting as an agent, on March 17, 2021.

 

The termination deal, approved by the board, involves a recovery payment of SAR 133.01 million to be made in 2024 and 2025. The difference reflects the present value of the amount to be refunded as per the agreed terms, with no preferential conditions in the original contract.

 

For more news and details on M&As

 

Ladun said the decision followed extensive review to protect shareholder and company interests. Both parties mutually agreed to end the acquisition contract.

 

The related parties are Nasser Al-Arifi, Chairman, and Suleiman Al-Batli, Managing Director and Board Member.

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