Jahez International Company for Information Systems Technology (Jahez) announces the signing of a non-binding offer with the shareholders of (“Marn business information technology company”) (“The Company”) for the full acquisition of all the Company
| Element List | Explanation |
|---|---|
| Introduction | Jahez International Company for Information Systems Technology (“Jahez Company”) announces the signing of a non-binding offer (“NBO”) with the shareholders of (“Marn business information technology company”) (“The Company”) for the full acquisition of all the Company (“The Proposed Acquisition”). |
| Date of signing the Memorandum of Understanding | 2022-04-19 Corresponding to 1443-09-18 |
| Memorandum Duration | - The NBO is valid from the date of its signing and for 30 days, unless terminated earlier in accordance with its provisions. |
| Name of the Counterparty | Shareholders of Marn business information technology company (“The Company”) |
| Name of Financial Advisor of Each Party | Financial Advisor is not appointed yet |
| Major Terms in the Memorandum | - Providing all documents, information and documents related to the shares of the current shareholders of the company and necessary for the buyer to carry out all due diligence processes, whether legal, financial, technical, commercial, accounting activities, or related to zakat and tax.
- The Seller or the Company's current shareholders may not, for a period of thirty (30) days ("the Exclusive Period") enter into any negotiations regarding the sale of any of the shares of the Company's current shareholders. - The final price for the Proposed Acquisition will be based on the findings of the due diligence. - Except for the clauses on exclusivity, costs, legal impact and applicable law and jurisdiction, all other clauses outlined in the NBO are not binding on its parties. |
| Related Parties | None |
| Actions to be Taken by the Company during the Memorandum’s Duration | Conducting full due diligence processes, whether legal, financial, technical, commercial, accounting activities, or related to zakat and tax. |
| Approvals | The Proposed Acquisition is subject to obtaining approvals from relevant authorities. |
| Additional Information | Further announcements will follow upon any important development with regards to the subject of the NBO. |
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