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Naseej International Trading Co. Announces the Execution of Memorandum of Understanding with Etmam Arabian Real Estate Development Company Acquiring signing of a (non-binding) memorandum of understanding with Etmam Arabia Real Estate Development Company for the acquisition of a (100%) percentage of the allocation of Etmam Arabia Real Estate Development Company.
| Element List | Explanation |
|---|---|
| Introduction | Naseej International Trading Company announces the signing of a (non-binding) memorandum of understanding with the Etmam Arabian Real Estate Development Company for the acquire a (100%) percentage of the company's share upon reaching a final agreement between the two parties this is in exchange for the issuance of new shares from Naseej International Trading Company According to the fair evaluation of Tammam Company’s shares, including their rights and obligations. |
| Date of signing the Memorandum of Understanding | 2024-03-28 Corresponding to 1445-09-18 |
| Memorandum Duration | This memorandum shall enter into force from the date of its signing for a period of 180 days and shall be automatically renewed unless either party is notified thirty days before the end of its term. |
| Name of the Counterparty | Etmam Arabian Real Estate Development Company |
| 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 financial and legal due diligence study process, and any material developments regarding the final acquisition agreement will be announced in due course. |
| Major Terms in the Memorandum | Etmam Company is committed to providing all required documents to all advisors, including the FDD advisor, the LDD advisor, and other advisors appointed by the second party. Naseej company shall appoint all advisors to complete the deal in the required manner and execute the contract in the proper way and within specified time. The memorandum of understanding also includes a number of common provision, which regulate the confidentiality of information, exclusivity, and restrictions on some essential work. It should be noted that the implementation of the Proposed Transaction is subject to the two companies agreeing a final binding agreement that determines the terms and conditions of the transaction. The terms and conditions of the final binding agreement will include obtaining all the required regulatory approvals and the approval of the extraordinary general assembly of the company on the transaction and its related matters. Therefore, the execution of the MOU does not mean the parties will reach a final and binding decision regarding the Proposed Transaction nor that the Proposed Transaction will be completed. |
| Related Parties | No related parties |
| Actions to be Taken by the Company during the Memorandum’s Duration | The conclusion of the proposed transaction is subject to the completion of the financial and legal due diligence process Then negotiate the signing of a binding agreement |
| Approvals | The proposed deal is subject to obtaining the regulatory approvals of the competent authorities and the approval of the company's extraordinary general assembly to increase capital for the purpose of acquisition |
| Additional Information | Etmam Arabia Real Estate Website https://www.etmamarabia.sa/ |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Company Performance
Key Parameters
Last Price 80.8
Net Change -1.0 (-1.22%)
Value Traded (Sar) 18,180,232.5
Volume Traded 222,528
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