Elm shareholders OK acquisition of PIF’s equity in Thiqah

Elm Co.’s shareholders approved the authorization of an indirect interest for board members Raed Ismail and Abdullah Al-Salem in the transactions and contracts concluded between Elm and the Public Investment Fund (PIF), according to a statement to Tadawul.

The approval came during the ordinary general meeting (OGM) held on March 17.

These transactions pertain to the share purchase agreement concluded between Elm and PIF on Jan. 21. The agreement involved Elm acquiring all of PIF’s shares in Thiqah Business Services Co. for a total consideration of SAR 3.4 billion, with no preferential terms.

Elm had entered into a share purchase agreement with PIF on Jan. 21, 2025 to acquire the fund’s entire stake in Thiqah—amounting to 45,000 shares, each valued at SAR 1,000—representing 100% of Thiqah’s capital.

Under the terms of the agreement, the acquisition deal is valued at SAR 3.4 billion in cash (subject to certain deductions for costs and expenses associated with the transaction, as stipulated in the agreement), to be paid by Elm to the Public Investment Fund.