Savola Group announces an update on the Share Sale Agreement of its stake in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited for an amount of SAR 459.26 million.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Savola Group announcement on the Saudi Exchange website (Tadawul) on 11/08/2022 about the signature of a binding Share Sale Agreement of its stakes in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited for an amount of SAR 459.26 million, the Group is pleased to announce that it has received on 29 November 2022 a “No- Objection Certificate” from the General Authority for Competition regarding the economic concentration related to the said transaction.
In this regard, and whereas the final closing period of the agreement (i.e. 120 days from the date of signing the agreement) is about to expire and both parties are still working on completing the shares transfer, Savola Group would like to also announce that it has signed an agreement on 29/11/2022 with Taiba Investment Company to extend the final closing period for an additional period of (60) days, that commences effectively after the end of the original final closing period stipulated in the agreement. |
| Previous Announcement | Savola Group Announcement of the signature of a binding Share Sale Agreement of its Shares in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited for an amount of SAR 459.26 million |
| Date of Previous Announcement on Tadawul's Website | 2022-08-11 Corresponding to 1444-01-13 |
| Percentage of fulfilled achievement | - Savola Group General Assembly approved the transaction on the 20th of September 2022. (Also, Taiba Investment Company (the buyer) has obtained the approval of their General Assembly on the 13 September 2022).
- A No-Objection Certificate was obtained from the General Authority for Competition on 29 November 2022. - Both parties are currently finalizing the remaining legal requirements to execute the transaction in line with the agreement within the new final closing period (the additional period). |
| Event's Expected Completion Date | During the additional/new final closing period |
| Reasons for Exceeding the Announced End Date | Awaiting for statutory approval from the regulatory bodies |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Impact of the Delay on the Company's Financial Results | NA |
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