Southern Province Cement Co. announces signing a Memorandum of Understanding with Yanbu Cement Company
| Element List | Explanation |
|---|---|
| Introduction | Southern Province Cement Company announces the signing of a non-binding Memorandum of Understanding (the “MOU”) with Yanbu Cement Company today, Sunday 17/12/1445H corresponding to 23 /06 /2024 AD, to evaluate the feasibility of merging the two companies.
Both companies will commence the process of due diligence, examining operational, technical, financial, legal, and actuarial aspects, and engaging in non-binding discussions regarding the terms and conditions details for the proposed merger. |
| Memorandum Signing Date | 2024-06-23 Corresponding to 1445-12-17 |
| Counterparty | Yanbu Cement Company |
| Memorandum Subject | Evaluation of the feasibility of merging between Yanbu Cement Company and Yanbu Cement Company. |
| Memorandum Duration | The Memorandum of Understanding shall terminate upon the signing of the merger agreement by both companies or upon the expiration of 12 months from the date of signing the Memorandum of Understanding, whichever occurs first.
The Memorandum of Understanding may be extended with the approval of both companies jointly. Additionally, either company may terminate the Memorandum of Understanding by providing written notice to the other party in this regard. |
| Related Parties | Not Applicable |
| Financial Impact | Southern province Cement Company will continue to announce any substantial developments regarding the proposed merger under the relevant laws and regulations.
Meanwhile, Southern province Cement Company intends to continue its regular business operation. |
| Additional Information | The proposed merger process is contingent upon the completion of due diligence and examination procedures that are compatible with the requirements of all relevant parties. It is further conditioned upon reaching agreement on the final terms and conditions of the merger agreement, as well as obtaining regulatory approvals from the competent authorities and approval from the general assemblies of both companies. It is important to note that entering into the Memorandum of Understanding does not imply that the companies will agree to the proposed merger.
subsequent announcements will be issued as necessary. |
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