Al-Rajhi Bank announced that it has obtained the approval of the Central Bank of Saudi Arabia to complete the acquisition of the entire stake in Ejada Systems Limited Company (Ejada), in addition to the issuance of the General Competition Authority’s decision not to oppose the completion of a process of economic concentration through the bank’s acquisition of “Ejada”.
The bank said in a statement on “Saudi Tadawul”, today, Sunday, that it entered into an agreement for the purchase and sale of shares with the selling partners of the company “Ejada” on December 8, 2021, according to which the bank has agreed to acquire all the actions of Ejada.
Completion of the acquisition process is subject to a number of known completion conditions that are currently met or waived by the parties in compliance with the terms and conditions of the agreement.
The bank confirmed that there are no related parties in relation to the acquisition.
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