Tharwah from Saudi Arabia agrees to buy all of Amjad Watan for $10.6 million
Altharwah Albashariyyah Co. (Tharwah) has agreed to fully buy Amjad Watan for $10.6 million (SAR 40 million). The payment will be made using both cash and company shares, according to a report on the Tadawul stock exchange on Sunday.
Transaction Details
The company said the deal still needs approval from the Capital Market Authority, the shareholders’ general meeting, and other involved parties.
Once the deal is done, Tharwah will pay the owner of Amjad Watan $1.87 million (SAR 7 million) in cash.
Tharwah will also give the owner 95,804 new shares worth $1.3 million (SAR 5 million). In addition, Tharwah will issue 536,501 extra shares worth $7.46 million (SAR 28 million), but the owner will only get these if Amjad Watan meets certain financial targets mentioned in the agreement.
This deal values Tharwah at $65.4 million (SAR 245.6 million), with each share valued at $13.9 (SAR 52.19), based on the average share price over the last 120 trading days.
The company also said that after the deal, the current Tharwah shareholders will own 88.15% of the company instead of 100%.
Tharwah first announced a deal to buy 49% of Amjad Watan in December. In February, they updated the agreement to buy 100% of the company.
Financial Performance
Last month, Tharwah said its 2024 revenue went up by 10.46%, reaching $23.3 million (SAR 87.7 million). This increase came from more consulting and advisory projects, and higher income from training courses.
However, the company’s net profit dropped by 24.47% to $3.3 million (SAR 12.5 million), and its operating profit fell by 16% to $3.8 million (SAR 14.3 million). The lower profit was due to the costs of getting listed on the stock market and spending more on marketing to boost its presence.
Published: 21th April 2025
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