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Knowledge Net has sold two of its indirectly owned subsidiaries to the Saudi Development Fund (SDF) for a combined SAR 25.6 mn, it said in two separate filings to Tadawul (here and here).
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The details: The Nomu-listed tech player has sold all of its stakes in Multi Financial Technology (amounting to 53.4%) for SAR 13.6 mn, as well of its entire holding in Takharej for Information Technology (amounting to 93.1%) for SAR 12 mn. The transactions are part of a long-term push by the company to capitalize on the returns of its proprietary technology developed by its companies, the disclosures read.
Use of proceeds: The raised funds will be retained to support its cashflow, which will go towards supporting the company’s expansion and growth plans.
