United Wire Factories Company Announces the signing of a Memorandum of Understanding with ALRAEDA INDUSTRIAL INVESTMENT Company To potentially acquire a share in the company’s ownership upon reaching a final agreement between the two parties
Memorandum Signing Date
2023-11-13 Corresponding to 1445-04-29
Counterparty
ALRAEDA INDUSTRIAL INVESTMENT Company
Memorandum Subject
Understanding to reach a final agreement for United Wire Factories Company to acquire a share of the ALRAEDA INDUSTRIAL INVESTMENT Company, and this memorandum aims to determine the understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings approved by the two parties. The two parties also agreed to determine the value of the final deal after completing the evaluation and due diligence audit
Memorandum Duration
This memorandum shall be effective from the date of its signature and for a period of (180) days, subject to renewal with the approval of both parties
Related Parties
There are no related parties
Financial Impact
The financial impact will be determined after the final evaluation is completed
Additional Information
This potential deal comes as a strategic direction for United Wire Factories Company, which aims to diversify its sources of income and maximize its profitability through diversified investments, and any fundamental developments will be announced later
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