Riyadh – Mubasher: Saudi Azm for Communication and Information Technology Company signed a non-binding memorandum of understanding (MoU) on 1 August 2026 to study the potential acquisition of 100% of the shares in Azm Fintech.

The agreement establishes a preliminary framework for the company to conduct legal, financial, tax, and zakat due diligence. The MoU is effective for a duration of 12 months from the date of signing.

The final valuation, consideration type, and payment method will be determined following the completion of the due diligence process and the negotiation of final binding terms.

Saudi Azm has appointed Alistithmar Capital as its financial advisor for the proposed transaction.

The deal involves several related parties, including Majed Saad Al Osaimi, who serves as Chairman for both companies, and Ali Mohammed Al Balla, the CEO and board member of Azm Saudi who also acts as Managing Director for Azm Fintech.

Additionally, Firas Mahmoud Al Mousali, a board member of a Saudi Azm subsidiary, is the CEO of Azm Fintech.

Meanwhile, the completion of the acquisition remains subject to regulatory approvals and the execution of a definitive agreement.