| Element List |
Explanation |
| Introduction |
The Saudi Ceramic Company announces that it has signed Letter of Intent (“LOI”) with Eczacıbaşı Yapı Gereçleri A.Ş. (EYAP) affiliated with the Turkish Eczacıbaşı Group. |
| Memorandum Signing Date |
2023-04-15 Corresponding to 1444-09-24 |
| Counterparty |
Eczacıbaşı Yapı Gereçleri A.Ş (EYAP) |
| Memorandum Subject |
The LOI aims to study the establishment of a company based in the Kingdom of Saudi Arabia owned equally between the two parties specializing in the manufacture and sale of sanitary ware and its accessories, provided that all factories and assets of the sanitaryware segment of Saudi Ceramics Company are transferred to the new company in the event of an agreement. |
| Memorandum Duration |
6 months from the date of signing the memorandum and renewable |
| Related Parties |
Not applicable |
| Financial Impact |
The financial impact cannot be determined until all the necessary studies are completed and an agreement is achieved between the two parties |
| Additional Information |
During the duration of the agreement, the two Companies will carry out due diligence from all relevant aspects, perform necessary assessments, finalize the negotiations, sign the relevant agreements, and apply to the concerned authorities to obtain the required approvals, noting that no external consultant has been appointed yet. Any material events in this regard will be announced. It is worth mentioning that Eczacıbaşı Group owns amongst its other activities, a segment for building materials and sanitaryware having a number of brands (the most important of which is Vitra) and its products have a substantial spread around the world. It owns factories for sanitaryware and accessories inside Turkiye and abroad. |
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