Saudi’s PIF completes $41mln Dubai design firm Depa deal
Nasdaq Dubai listed interior design and speciality contractor Depa PLC has completed its AED 150 million ($41 million) transaction with Saudi Arabia’s Public Investment Fund (PIF).
In a Nasdaq statement today, Depa said PIF would receive 750,000 new ordinary A shares and the issuance of warrants to subscribe for 272,829,158 additional ordinary A shares.
As a result of the transaction, PIF now holds 54.5 percent of voting rights and the rights to distribution of Depa, the company said.
PIF also nominated six new company board members who will serve as non-executive directors, effective from today.
The company, which is headquartered in Dubai, said it expects to benefit from new synergies, including using its luxury fitout expertise in Saudi Arabia’s expanding luxury hospitality market.
In 2020, Depa confirmed $22 million exposure to UAE construction giant Arabtec, which was dissolved in September 2020.
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