Dreamfolks Services Limited has informed the Exchange about Update on Second Phase of Acquisition
DREAMFOLKS · price
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Dreamfolks Services Limited has provided an update on its acquisition of ETT Solutions DMCC. The first phase involving secondary purchase of shares has been completed and registered with the Dubai Multi Commodities Centre Authority, giving Dreamfolks a 34% stake in ETT. The second phase involving primary subscription to freshly issued shares is still in process and pending completion of remaining procedural and regulatory formalities. The company had originally targeted 120 business days for the overall transaction, but this timeline is now expected to be exceeded. The company remains committed to completing the acquisition.
The acquisition is proceeding as planned, though with a delay in the final phase. Shareholders should note the company has secured a 34% stake in ETT Solutions DMCC through phase 1 completion, with the remaining primary subscription still pending regulatory clearances.