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City Cement Co. Announces an update on Addendum announcement from City Cement Company regarding the extension of a non-binding Memorandum of Understanding in connection with a securities swap deal with Umm Al-Qura Cement Company
3003
CITY CEMENT
-0.72
%
1445/04/07 22/10/2023 08:48:29
| Element List | Explanation |
|---|---|
| Introduction | announcement of City Cement Company (the “Company”) that was published on the Tadawul website on 12/04/1444 AH (corresponding to 06/11/2022 AD) regarding the signing of a non-binding Memorandum of Understanding on 09/04/1444 AH (corresponding to 03/11/2022 AD) and the addendum announcement regarding the extension of the non-binding memorandum of understanding on 06/10/1444 AH (corresponding to 26/04/2023 AD) in connection with a securities exchange deal with Umm Al-Qura Cement Company. and whereas the term of the Memorandum of Understanding is six (6) months from the date of its extension. Accordingly, the Company would like to announce that it has been agreed with Umm Al-Qura Cement Company to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the extension of the memorandum of understanding, The extension is due to the Company’s appointment of specialized consultants to complete the necessary procedures to complete the deal and to carry out financial, legal, commercial and technical evaluations, out of the Company’s keenness to complete it in accordance with regulatory procedures and to ensure the accuracy of completing the transaction procedures. |
| Previous Announcement | Addendum announcement from City Cement Company regarding the extension of a non-binding Memorandum of Understanding in connection with a securities swap deal with Umm Al-Qura Cement Company |
| Date of Previous Announcement on Tadawul's Website | 2023-04-26 Corresponding to 1444-10-06 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | any other substantial update will be announced in due time. |
| Reasons for Exceeding the Announced End Date | The Company agreed with Umm Al-Qura Cement Company to extend the non- binding Memorandum of Understanding signed on 04/09/1444 AH (corresponding to 11/03/2022 AD), and an addendum to extend the memorandum of understanding signed on 06/10/1444 AH (corresponding to 26/04/2023 AD), with the same previous terms and conditions for another additional six months from the date of expiration of extension of the memorandum of understanding, in order to complete the necessary procedures in this regard. The extension is due to the company’s appointment of specialized consultants to complete the necessary procedures to complete the deal and to carry out financial, legal, commercial and technical evaluations, out of the company’s keenness to complete it in accordance with regulatory procedures and To ensure the accuracy of completing the transaction procedures. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | It is worth mentioning that there is no financial impact resulting from the extension of the Memorandum of Understanding. |
| Additional Information | The Company has appointed the Financial Advisor, Legal Advisor, Financial and Tax Due Diligence Advisor, Technical Due Diligence Advisor and Commercial Due Diligence Advisor to carry out the due diligence work, conduct the necessary assessments and final negotiations, sign the agreement and apply to the relevant authorities to obtain the necessary approvals. |
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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Last Price 12.45
Net Change -0.09 (-0.72%)
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