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Saudi Advanced Industries Company announces the signing of an agreement to sell its entire stake Al-Salam Aerospace Industries Company
| Element List | Explanation |
|---|---|
| Introduction | Saudi Advanced Industries Company announces the signing of an agreement to sell its entire share in Al-Salam Aerospace Industries Company, amounting to 10% of the capital of Al-Salam Aerospace Industries Company. |
| Transaction Details | Agreement to sell the entire shares of the current partners in Al-Salam Aerospace Industries Company, including the Saudi Advanced Industries Company’s share of 10% of the company’s capital, to the buyer in accordance with a number of conditions. |
| Transaction Value | The value will be determined upon completion of the calculation of the partners' own obligations according to the terms of the agreement. |
| Transaction Terms | The most important terms of the deal are that the selling partners bear a number of obligations, each according to their percentage of ownership, and in accordance with the terms of the agreement. |
| Parties of the Transaction | Saudi Arabian Military Industries (SAMI) affiliated with the Public Investment Fund, Saudi Advanced Industries Company |
| Transaction Funding Method | Do not apply |
| Transaction Execution Date | 2023-12-12 Corresponding to 1445-05-28 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Al-Salam Aerospace Industries Company works in the field of military and civil aviation maintenance. |
| Asset Book Value | The book value of the Saudi Advanced Industries Company’s share Al-Salam Aerospace Industries Company is 19.52 million Saudi riyals. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | The revenues and profits/losses of Al-Salam Aerospace Industries Company for the past three years amounted to: 1- Fiscal year 2020 AD: Revenues: 730.12 million Saudi riyals Losses: (37.38) million Saudi riyals. Fiscal year 2021 AD: Revenues: 508.30 million Saudi riyals Losses: (174.70) million Saudi riyals. 2- Fiscal year 2022 AD: Revenues: 666.79 million Saudi riyals Losses: (36.31) million Saudi riyals. 3- The first half of the fiscal year 2023 AD (unaudited): Revenues: 285.05 million Saudi riyals Losses: (35.06) million Saudi riyals. |
| Transaction reasons | Due to the losses exceeding the company's capital, the high obligations on the company, and the difficulty of supporting the company from the partners, it was agreed to sell the company. |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of the deal will appear during the fiscal year 2023. |
| Details of Using The Proceeds of the Asset Sale | Do not apply |
| Related Parties | There is no |
| Additional Information | This exit comes within the company's strategy to improve its performance, constantly review its investments, enter into promising investments and opportunities with growth and returns, and exit from investments that have achieved their goals, as well as exit from investments that do not achieve their aspirations. |
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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