Alhasoob Co. announces that it has signed a Non-Binding Memorandum of Understanding to acquire all shares of Alkhorayef Printing Solutions Company (A limited liability company) by issuing shares to its owner Alkhorayef Group Company
Alhasoob Company announces the signing of a Non-Binding Memorandum of Understanding on 11/06/1445 AH corresponding to 24/12/2023 AD with the Alkhorayef Group Company to discuss the project of the Alhasoob Company for the purpose of the total acquisition of its subsidiary Alkhorayef Printing Solutions Company (A limited liability company), which is 100% owned by Alkhorayef Group Company. By purchasing all the shares owned by Al-Khorayef Group Company in the company subject to the acquisition in exchange for issuing shares to the owner of Alkhorayef Printing Solutions Company.
Date of signing the Memorandum of Understanding
2023-12-24 Corresponding to 1445-06-11
Memorandum Duration
This Memorandum of Understanding shall enter into force from the signing date and shall be valid for a period of (8) Eight Gregorian months. This period may be extended or renewed for a similar period or periods by agreement of the two parties.
Name of the Counterparty
Alkhorayef Group Company
Name of Financial Advisor of Each Party
A financial advisor has not been appointed for this stage, and a specialized advisor will be appointed to complete the financial and legal due diligence study process, and any material developments regarding the final acquisition agreement will be announced in due course.
Major Terms in the Memorandum
Alhasoob Company and the Alkhorayef Group Company agreed in a Non-Binding manner, according to the Memorandum of Understanding, that in the event that it was decided to implement the potential deal, the implementation mechanism would be through the issuance of new shares to the owner, the Alkhorayef Group Company, for the purpose of acquiring all the shares of the company, Alkhorayef Printing Solutions Company. Provided that the final agreements are signed after completing the necessary studies, due diligence, and after obtaining the regulatory approvals.
Related Parties
There are no related parties.
Actions to be Taken by the Company during the Memorandum’s Duration
The conclusion of the proposed transaction is subject to the completion of the financial and legal due diligence process Then negotiate the signing of a binding agreement to buy the shares.
Approvals
The proposed deal is subject to obtaining the regulatory approvals of the competent authorities and the approval of the company's extraordinary general assembly.
Comments