08:21 AM EDT, 10/31/2024 (MT Newswires) -- Aimia ( AIMFF ) on Thursday said it agreed with Mithaq, its largest shareholder, to dismiss all outstanding litigation between the two parties.

Aimia ( AIMFF ) will appoint to its board two Mithaq nominees, Muhammad Asif Seemab and Rhys Summerton, and also pay Mithaq US$1.5 million as reimbursement for costs associated with the outstanding litigation.

"We are pleased to have reached an agreement with Aimia ( AIMFF )," said Turki AlRajhi, Mithaq's chairman and chief executive. "Our ultimate motivation has always been, and continues to be, protecting and compounding the intrinsic value of all fellow shareholders' equity stakes, including Mithaq's."