Al-Baha Investment and Development Company announces the signing of a non-binding memorandum of understanding with the partners in the Elegant Centers Limited Company (the subsidiary).
| Element List | Explanation |
|---|---|
| Introduction | Al-Baha Investment and Development Company announces the signing of a non-binding memorandum of understanding with the owner of the non-controlling ownership rights in the Elegant Centers Limited Company, which are (750,000) shares representing (13.04%) of the capital of the Elegant Centers Limited Company and its subsidiary, Ishraqh Regional Development and Real Estate Investment Company, for the potential acquisition fully owned by the board member, Mr / Mishal Mohammed Mufti, upon reaching a final agreement between the two parties. |
| Memorandum Signing Date | 2024-05-23 Corresponding to 1445-11-15 |
| Counterparty | The partners in the Elegant Centers Limited Company (the subsidiary) are board member, Mr/ Mishal bin Mohammed Mufti. |
| Memorandum Subject | A non-binding memorandum of understanding aims to reach a final agreement for Al-Baha Investment and Development Company to acquire all ownership shares in the Elegant Centers Limited Company, which are (750,000) seven hundred and fifty thousand shares. After the acquisition, Al-Baha Investment and Development Company will own (100%) of the capital of the Elegant Centers Limited Company, instead of (86.96%). |
| Memorandum Duration | The work under this memorandum begins from the date of its signing and lasts for sixty days from the date of signing it or until the completion of signing the final agreement - whichever is earlier. It can be extended for other periods under a written understanding between the two parties. |
| Related Parties | Mr / Mishal bin Mohammed Mufti - Board member of Al-Baha Investment and Development Company. |
| Financial Impact | It will be determined later |
| Additional Information | The main terms of the memorandum: The two parties understand that in case of final agreement between the two parties, Al-Baha Investment and Development Company will pay the acquisition value within a year from the date of transfer of shares, and the buyer has the right to extend it for a similar period or periods.
The actions that the company will take during the agreement period: Evaluation work, ignorance-denying examination, and initial agreements between the two parties, and determining the purchase value of the sold shares after completing the evaluation and the parties agreeing on that.
Approvals: This deal is subject to the approvals of the competent regulatory authorities, as well as the approval of the ordinary general assembly of Al-Baha Investment and Development Company.
Any substantial developments regarding the memorandum of understanding or the proposed acquisition will be announced in due course. |
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