Amanat terminates agreement for the sale of Middlesex Associates
Decision to terminate the agreement was to protect shareholders’ interests
Dubai: Amanat Holdings on Wednesday announced that its subsidiary, Amanat Investments (Amanat), has terminated the sale and purchase agreement with SW Holding Limited, for the sale of its 100 per cent stake in Middlesex Associates (Middlesex) through its fully owned subsidiary, AHE Alpha Limited.
Following Amanat’s completion of all conditions precedent, Amanat decided to unilaterally terminate the agreement for the sale and purchase of the share capital of AHE Alpha Limited, the sole shareholder of Middlesex, Amanat said in a filing to Dubai Financial Market.
“While we were enthusiastic about completing the transaction, we took the decision to terminate the SPA despite Amanat having completed all its obligations under the agreement. The decision to terminate the SPA was on the basis of protecting the best interest of Amanat Holding’s shareholders and to ensure adequate transparency after what had become a prolonged completion process. Nonetheless we remain focused on and committed to exploring and seizing investmentand exit opportunities with attractive valuations in the current investment climate,” said Dr. Mohamad Hamade, CEO of Amanat.