No.1732L – Acquisition of 100% interest in Rasmala Holdings Limited
Ali Taqi, Head of Equities touches upon the Saudi economy on “Bloomberg Markets: Middle East.”
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July 25, 2017
14 July 2017
Rasmala plc (“Rasmala” or “the Company”)
Acquisition of 100% interest in Rasmala Holdings Limited
Rasmala is pleased to announce that it has agreed to acquire the remaining shares of its subsidiary Rasmala Holdings Limited (“RHL”) that Rasmala does not already own, from the existing RHL minority shareholders. As a result of these acquisitions Rasmala’s total shareholding in RHL will increase from approximately 90% to 100%.
Total consideration for the 16,537,380 ordinary shares in RHL being acquired is approximately US $2.65 million in cash.
During the financial year ending on 31 December 2016, RHL reported net fee and commission income of US$9.0 million, and a net loss before tax from continuing operations of US$2.3 million.
Zak Hydari, Chief Executive Officer of Rasmala, commented: “We are delighted to have been able to achieve our stated objective of acquiring 100% of RHL”.
Enquiries:
Rasmala plc | Tel: +44 (0)20 7847 9900 |
Zak Hydari, CEO | |
Stockdale Securities | Tel: +44 (0)20 7601 6100 |
Antonio Bossi, Richard Johnson |