Acquisitions12 May 2026, 12:39 pm
Dreamfolks: ETT Acquisition Phase 1 Complete, Holds 34% Stake
AI Summary
Dreamfolks Services Ltd. announced an update on its proposed acquisition of ETT Solutions DMCC. The first phase, involving the secondary purchase of shares, has been completed and registered with Dubai Multi Commodities Centre Authority, resulting in Dreamfolks holding 34% of ETT. The subsequent phase, related to primary subscription to freshly issued shares, is underway but may extend beyond the initially estimated timeline of 120 business days due to procedural and regulatory formalities. The company remains committed to completing the transaction.
Key Highlights
- Dreamfolks completes first phase of ETT Solutions DMCC acquisition.
- Dreamfolks now holds a 34% stake in ETT Solutions DMCC.
- Second phase of acquisition, involving primary subscription, is in progress.
- Completion of the second phase may extend beyond the initial timeline.
- Dreamfolks is committed to completing the acquisition per applicable laws.