The Clap
AlArabia (4071) signed an agreement to acquire the Faden, for SAR 1.05 billion.
The Deets
AlArabia will pay 70% of the total transaction value, upon completion of the agreement, while the remaining 30% will be paid on March 31, 2023.
The transaction will be financed through bank loans and the company’s own resources.
Faden
Faden specializes in digital advertising on buildings as well as advertising within retail stores.
Why this Matters
AlArabia aims to acquire a larger share of the outdoor and indoor advertising market.
What Now
The company expects the financial impact will be reversed upon completion of the transaction and the transfer of ownership.
