Giordano International Acquisition Of Part GIO FASHIONS W.L.L. Rights

Giordano International (00709) announcement, in December 31, 2019, Eletop has entered into an agreement with Al Majal and Giordano Qatar. On this basis, Eletop has acquired 9% legal interest and 41% economic interest ("part of the acquisition of partial rights and interests") of Giordano Qatar from Al Majal, at a cost of 690 thousand US dollars.

According to the Qatar agreement, part of the Qatar acquisition is deemed to have been completed in May 31, 2019. Qatar completion agreement enables the company's original Al Majal to be put into effect, and may be exercised according to the date of the April 29, 2015 Al agreement of shareholders. If the selling option is exercised, it will require Eletop (including) to acquire the number of shares that are not yet possessed by Giordano Majal from the Al Majal, and it may acquire the relevant shares without any violation of any relevant local laws of the foreign investment restriction at the relevant time. Al Majal can exercise the above part or all share option.

Giordano Qatar is a registered company in Qatar (Qatar), which is mainly engaged in retail and distribution of Giordano brand goods in Qatar and the Middle East as well as in some overseas markets. Qatar part of the equity acquisition will increase the company's control over Giordano Qatar and pave the way for potential additional dividends and establish the synergy value of the company's business.