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Saudi Arabia Refineries Company (the “Company”) announces the signing of a non-binding Memorandum of Understanding with the Golden Compass Mining Services Company to acquire full equity in Golden Compass Mining Services Company by increasing the Company’s capital through the issuance of shares to the shareholders of Golden Compass Mining Services Company
| Element List | Explanation |
|---|---|
| Introduction | Saudi Arabia Refineries Company (the “Company”) announces that it has signed a non-binding memorandum of understanding (“MoU”) to acquire all shares of the shareholders in the Golden Compass Mining Services Company (together the “Shareholders”). The MoU between the Company and the Golden Compass Mining Services Company is in connection with a share swap transaction of the Golden Compass Mining Services Company shares held by the Shareholders in exchange for the issuance of new shares in the Company to them by way of capital increase (the "Proposed Transaction"). The parties have agreed on an initial valuation. The final value of the proposed transaction will be determined after completing the necessary studies and the due diligence process. |
| Memorandum Signing Date | 2024-07-06 Corresponding to 1445-12-30 |
| Counterparty | Golden Compass Mining Services Company |
| Memorandum Subject | to acquire all shares of the shareholders in the Golden Compass Mining Services Company |
| Memorandum Duration | The MoU shall be effective from the date it is executed between the parties and shall be valid for (90) days unless otherwise agreed by the parties in writing. |
| Related Parties | There isn't any |
| Financial Impact | There isn't any |
| Additional Information | This announcement does not mean that the Proposed Transaction will be agreed between the parties. Any developments regarding the Proposed Transaction will be announced in due course. |
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
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Last Price 50.35
Net Change -0.55 (-1.08%)
Value Traded (Sar) 6,969,964.1
Volume Traded 137,630
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