In the context of Mekyal Financial Technologies’ efforts and interest in its clients and providing them with the best investment opportunities and maximizing their value and chances of success, Mekyal Financial Technologies sought to accelerate the expansion of the business of Tiqanat AlHidab Company, which owns Fitness Star, as it was able to obtain an opportunity to acquire a women’s sports club in an important location on King Abdulaziz Road. In the north of Riyadh. The assets of the acquired club amount to approximately 7 million Saudi riyals, with an area of 2,500 square metres, and it is equipped with the latest sports equipment and specialized training halls. The acquisition will take place in exchange for the owners of the acquired club receiving 7.5% of the capital of Tiqanat AlHidab.
The preliminary acquisition agreement was signed on Wednesday, June 30, 2021, with Tiqanat AlHidab starting under the management of the new club starting July 1, 2021. The full transfer of ownership of the club will take place to Tiqanat AlHidab on 07/11/2021. The financial impact will be directly reflected in the results of the combined company and accelerate the achievement of Tiqanat AlHidab’s expansion plan, which was supposed to open its new branch in the first half of 2022 after the completion of crowdfunding rounds, which will help accelerate the plan to list the company on the “Nomu” market.
On this occasion, Dr. Fahd Al-Tuwaijri, founder of Tiqanat AlHidab, said that this event is considered an important and qualitative leap in the future of Tiqanat AlHidab and accelerates the expansion plan set by the company’s management. He also thanked all the investors who trusted in Tiqanat AlHidab and invested their money in it. While Mr. Hesham Abu Jamee, CEO and Founder of Mekyal Financial Technologies, stated that they always strive to provide all opportunities for success to their clients and that the role played by Mekyal Financial Technologies is not only limited to evaluating distinctive opportunities and presenting them on the platform, but rather striving to the utmost to make these opportunities successful and achieve added value to them. It should be noted that the current round will remain at the same valuation at 23.2 million riyals, without change, despite the fundamental development that has occurred, while the opportunity will be completely re-evaluated after the end of the round.
