Bahrain Family Entertainment Company stated that it is expected to finalize the merger deal between the company and the hospitality company affiliated with Divided Gate Capital.
In February 2023, Bahrain Family Entertainment Company announced the signing of a memorandum of understanding with Divided Gate Capital in this regard.
Bahrain Family Entertainment Company stated in a disclosure to shareholders on the Bahrain Stock Exchange that the financial advisors appointed by both parties have completed the initial reviews, and the parties are currently conducting discussions regarding the evaluations.
The company described the discussions as “fruitful,” as the two parties are expected to enter into conditional agreements to complete due diligence and finalize the terms.
Bahrain Family Entertainment Company pledged to disclose any relevant developments in this regard as required by law, continuously and immediately, to ensure transparency and compliance with all regulations and provisions.
The Bahraini Family Entertainment Company had announced the signing of a memorandum of understanding with Divided Gate Capital, and its appointment of SICO as an advisor.
The memorandum of understanding represents a prelude to a merger or acquisition deal for the food and beverage units of Divided Gate Capital by the Bahraini Family Entertainment Company through a share swap.
The company stated earlier that it is working on a number of measures to confront the accumulated losses, including diversifying the company’s financial assets, reducing labor costs and controlling variable costs whenever possible.
The company indicated that accumulated capital losses had risen at the end of 2022 to 77.25%, compared to 77.16% at the end of September.
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