Nama Chemicals Company announces the signing of a non-binding memorandum of understanding with Haddaj Investment Company, a subsidiary of Saudi Industrial Exports Company (Exports), for the purpose of acquiring a share of the capital of Jubail Chemical Industries Company (JANA), one of the subsidiaries of Nama Chemicals Company
| Element List | Explanation |
|---|---|
| Introduction | Nama Chemicals Company announces that it has signed a non-binding memorandum of understanding with Haddaj Investment Company, a subsidiary of Saudi Industrial Exports Company (Exports), for the purpose of acquiring a share of the capital of Jubail Chemical Industries Company (JANA), one of the companies affiliated with Nama Chemicals Company, to negotiate the acquisition process |
| Date of signing the Memorandum of Understanding | 2024-07-16 Corresponding to 1446-01-10 |
| Memorandum Duration | The memorandum is valid from the date of its signing by the parties for a period of four months (120) days unless the parties agree otherwise in writing. |
| Name of the Counterparty | Haddaj Investment Company, a subsidiary of the Saudi Industrial Exports Company (Exports) |
| 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 due diligence process, and any material developments regarding the final acquisition agreement will be announced in due course |
| Major Terms in the Memorandum | The memorandum of understanding includes a number of generally accepted provisions that regulate the confidentiality of information circulated between the two parties. It should also be noted that the implementation of the potential acquisition is subject to the two companies agreeing on a final binding agreement that specifies the terms and conditions of the deal. These conditions will include obtaining all regulatory approvals for the deal and related matters. Therefore, the conclusion of a memorandum of understanding does not necessarily mean that the two parties will reach a final and binding agreement regarding the potential acquisition process or that the potential acquisition process will take place between the two parties |
| Related Parties | 1- Hatem bin Hamad Al-Suhaibani - Chairman of the Board of Directors of Saudi Industrial Exports Company and Chairman of the Board of Directors of Nama Chemicals Company
2- Sulaiman bin Hamad Al-Jadei - Member of the Board of Directors of Saudi Industrial Exports Company (Exports) CEO and a member of the Board of Directors of Nama Chemicals Company.
3- Muhammad bin Azzam Al-Shuwaier - Member of the Board of Directors of Nama Chemicals Company and Chief Operating Officer of Saudi Industrial Exports Company (Exports). |
| Actions to be Taken by the Company during the Memorandum’s Duration | The conclusion of the proposed deal is subject to the completion of the due diligence process and then negotiation of the signing of a binding agreement between the two parties |
| Approvals | In all cases, the completion of the potential transaction will be subject to several conditions, including obtaining the necessary regulatory approvals, in accordance with the relevant laws and regulations. |
| Additional Information | Nama Chemicals Company will announce any material developments regarding the potential deal in due course. |
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