| Element List |
Explanation |
| Introduction |
Reference is made to Maharah announcement on Tadawul website on 25 Shawwal 1443 H corresponding to May 26, 2022 AD, regarding GAC signing of a sale and purchase agreement to acquire 40% of equity in Salis, Maharah would like to announce that GAC has completed tranche-1 of the acquisition on 5 Jumada Althani 1444H corresponding to 29 December2022 (“Closing Date”) where GAC acquired 20% of Salis equity via capital injection in exchange of newly issued Salis shares. GAC completed payment of consideration of tranche-1 and necessary amendments to Salis articles of association were completed with the Ministry of Commerce. |
| Previous Announcement |
Signing the Sales and Purchasing Agreement to acquire 40% of equity in Salis for Trading and Marketing Company (“Salis”) the owner and operator of Sorror App. |
| Date of Previous Announcement on Tadawul's Website |
2022-05-26 Corresponding to 1443-10-25 |
| Percentage of fulfilled achievement |
100% |
| Event's Expected Completion Date |
NA |
| Reasons for Exceeding the Announced End Date |
NA |
| 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 |
Not Applicable |
| Additional Information |
GAC has previously obtained a no-objection letter from the General Authority of Competition to acquire 40% of equity in Salis. As of the Closing Date, an agreement was signed between GAC and owners of Salis to complete the acquisition on two tranches. As of Closing Date, GAC completed tranche-1 acquisition of 20% of equity in Salis. Agreement granted a call option to GAC to acquire another 20% in tranche-2 within six months from Closing Date, subject to Salis achieving agreed upon financial and operational KPIs. |
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