Media Center
October 25, 2026| Element List | Explanation |
|---|---|
| Introduction | Arab Sea Information Systems Company announces the signing of a Memorandum of Understanding (MoU) with PayTabs Group (Growth Makers Company) regarding a proposed transaction involving the sale of its entire 100% ownership stake in Arab Sea Financial Company (SeaPay), a wholly owned subsidiary of Arab Sea Information Systems Company, for a total consideration of SAR 35,000,000 (Thirty-Five Million Saudi Riyals), subject to the terms and conditions set forth in the MoU. |
| Memorandum Signing Date | 2026-10-22 Corresponding to 1448-05-11 |
| Counterparty | PayTabs Group (Growth Makers Company). |
| Memorandum Subject | The MoU relates to the proposed sale of Arab Sea Information Systems Company’s entire 100% ownership stake in Arab Sea Financial Company (SeaPay), a wholly owned subsidiary of Arab Sea Information Systems Company, for a total consideration of SAR 35,000,000 (Thirty-Five Million Saudi Riyals), subject to the terms and conditions set forth in the MoU.The subsequent steps include completing the due diligence process, negotiating and executing the definitive Sale and Purchase Agreement (SPA), and obtaining the necessary regulatory approvals and no-objection confirmations. |
| Memorandum Duration | The MoU shall remain valid for six (6) months from the date of signing by both parties or until the execution of the definitive Sale and Purchase Agreement (SPA), whichever occurs first. |
| Related Parties | There are no related parties |
| Financial Impact | The signing of the MoU does not, in itself, result in any immediate financial impact. The financial impact will be determined upon completion of the transaction in accordance with the applicable regulations. |
| Additional Information | The Company confirms that completion of the transaction is subject to the results of the due diligence process, the execution of definitive agreements, and obtaining the necessary regulatory approvals from the relevant regulatory authorities.The Company will announce any material developments in due course in accordance with the applicable laws and regulations. |
كل عام والسعودية تُعانق السماء مجدًا وطموح وإزدهار اللهم ادم علينا الامن والامان والرخاء واحفظ هذه البلاد وقادتها من كل سوء
