Media Center
March 13, 2022| Element List | Explanation |
|---|---|
| Introduction | Arab Sea Information Systems Company announces the signing of a non-binding Memorandum of Understanding (the “Memorandum”) with Board Member Mr. Muhammad Saleh Al-Suhaibani (Related Party) to acquire a real estate asset owned by him (the “Proposed Transaction”) in return for the issuance of shares in the Arab Sea Company for information systems. This is for the purpose of using part of it to be the company’s headquarters, as it is located north of the city of Riyadh in the Al-Sahafa neighborhood in the commercial strip, and it consists of 23 floors |
| Date of signing the Memorandum of Understanding | 2022-03-13 Corresponding to 1443-08-10 |
| Memorandum Duration | Twelve months (12 months) from the date of its signing and the memorandum can be extended by agreement of the two parties |
| Name of the Counterparty | Member of the Board of Directors, Mr. Muhammad Saleh Al-Suhaibani (Related Party) |
| Name of Financial Advisor of Each Party | Falcom Financial Services Company |
| Major Terms in the Memorandum | 1 – The memorandum expires on the date of signing the final agreements of the deal or the end of the memorandum period unless it is extended by agreement of the parties (whichever occurs first) 2-Appointment of licensed consultants from the relevant authorities for the process, including the financial and legal aspects and valuation for the purposes of a fair evaluation of the asset. 3 – The final value of the real estate asset, the share price of the Arab Sea Information Systems Company, and the exchange ratio are finally agreed upon after meeting the final approvals of both parties, which includes the approval of the Capital Market Authority and the approval of the extraordinary general assembly of the first party and the signing of a binding agreement in this regard . |
| Related Parties | Member of the Board of Directors, Mr. Muhammad Saleh Al-Suhaibani |
| Actions to be Taken by the Company during the Memorandum’s Duration | Complete the necessary professional studies, whether financial, legal, tax or evaluation. |
| Approvals | This memorandum is subject to the approval of the official authorities and the vote of the extraordinary general assembly of the company on the Acquisition and capital increase |
| Additional Information | The company will announce the financial impact of the transaction after completing all legal procedures in accordance with the applicable regulations Any future material developments related to the deal will be announced later |
كل عام والسعودية تُعانق السماء مجدًا وطموح وإزدهار اللهم ادم علينا الامن والامان والرخاء واحفظ هذه البلاد وقادتها من كل سوء
