Logo of Elm Co.
Elm Co. completed procedures to acquire the entire shares held by the Public Investment Fund (PIF) in Thiqah Business Services Co., following the satisfaction of the condition precedents stipulated in the share sale and purchase agreement (SPA). 
In a statement to Tadawul, the company said that the regulatory process related to the acquisition and the sale and purchase of shares were concluded. The acquisition purchase price was paid by Elm to PIF as agreed in the SPA through the company’s own resources and facilities.
For more news and details on MAs
The financial impact on the company’s financial statements will appear starting from Q2 2025.
The deal is considered a related party transaction as PIF is a substantial shareholder in Elm. Additionally, the board members, Raed Ismail and Abdullah Al-Salem, have an indirect interest in the acquisition, which have been authorized by the ordinary general assembly on March 17, 2025, the statement added. In January, Elm Co. signed a SPA with PIF allowing the Tadawul-listed firm to acquire the fund’s entire stake of 45,000 shares or 100% of Thiqah Business Services Co. for SAR 1,000 per share, Argaam reported.
The deal is valued at SAR 3.4 billion (less some costs and expenses related to the acquisition deal), to be paid by Elm to PIF.
Logo of Elm Co.
Elm Co. completed procedures to acquire the entire shares held by the Public Investment Fund (PIF) in Thiqah Business Services Co., following the satisfaction of the condition precedents stipulated in the share sale and purchase agreement (SPA).
In a statement to Tadawul, the company said that the regulatory process related to the acquisition and the sale and purchase of shares were concluded. The acquisition purchase price was paid by Elm to PIF as agreed in the SPA through the company’s own resources and facilities.
For more news and details on MAs
The financial impact on the company’s financial statements will appear starting from Q2 2025.
The deal is considered a related party transaction as PIF is a substantial shareholder in Elm. Additionally, the board members, Raed Ismail and Abdullah Al-Salem, have an indirect interest in the acquisition, which have been authorized by the ordinary general assembly on March 17, 2025, the statement added. In January, Elm Co. signed a SPA with PIF allowing the Tadawul-listed firm to acquire the fund’s entire stake of 45,000 shares or 100% of Thiqah Business Services Co. for SAR 1,000 per share, Argaam reported.
The deal is valued at SAR 3.4 billion (less some costs and expenses related to the acquisition deal), to be paid by Elm to PIF.
