{"id":91931,"date":"2024-11-26T00:00:00","date_gmt":"2024-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/26\/knowledge-net-sells-two-subsidiaries-to-saudi-development-fund\/"},"modified":"2024-11-26T00:00:00","modified_gmt":"2024-11-26T00:00:00","slug":"knowledge-net-sells-two-subsidiaries-to-saudi-development-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/26\/knowledge-net-sells-two-subsidiaries-to-saudi-development-fund\/","title":{"rendered":"Knowledge Net sells two subsidiaries to Saudi Development Fund"},"content":{"rendered":"

Knowledge Net<\/a><\/strong> has sold two of its indirectly owned subsidiaries to the<\/strong> Saudi <\/strong>Development Fund (SDF) for a combined SAR 25.6 mn<\/strong>, it said in two separate filings to Tadawul (here<\/a> and here<\/a>). <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The details:<\/strong> 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. <\/p>\n

Use of proceeds: <\/strong>The raised funds will be retained to support its cashflow, which will go towards supporting the company\u2019s expansion and growth plans. <\/p>\n","protected":false},"excerpt":{"rendered":"

Part of a push to fuel growth and expansion<\/p>\n","protected":false},"author":1,"featured_media":91932,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,208,31,2170,14,3492],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-fintech","tag-investment-watch","tag-knowledge-net","tag-ma-watch","tag-saudi-development-fund-sdf","wpautop","entry"],"acf":{"mongo_id":"6d0ec24f-cac2-448f-8c0b-2a9be1448410","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2366.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Knowledge Net sells two subsidiaries to Saudi Development Fund","related_issue":[91915],"teaser":"Part of a push to fuel growth and expansion","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.6ef9ee11-a5bd-419a-8131-dcb650067654.mp3"},"yoast_head":"\nKnowledge Net sells two subsidiaries to Saudi Development Fund - 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