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Elm Company Announces the signing of an Agreement with the Saudi Data and AI Authority (SDAIA) (Related Party)
7203
ELM
0.37
%
1444/08/06 26/02/2023 15:37:55
| Element List | Explanation |
|---|---|
| Introduction | Elm Company announces the signing of an Agreement with the Saudi Data and AI Authority (SDAIA) (Related Party) to allow the Company to provide certain services and products. |
| Date of Announcement of the Award | 2023-02-26 Corresponding to 1444-08-06 |
| Contract Subject Matter | SDAIA will provide APIs to allow the Company to provide services and products based on annexes to be signed for each service or product. |
| Date of Signing the Contract | 2023-02-26 Corresponding to 1444-08-06 |
| Contract Value | It is expected that the value of the Agreement exceeds 1% of total revenue as per latest audited annual financial statements for the year 2021. The Agreement does not specify a total fixed value. The value of the Agreement is determined by the number of the executed transactions and the Company receives a portion of the fees of such transactions. |
| Contract Details | SDAIA will provide APIs to allow the Company to provide services and products based on annexes to be signed for each service or product. |
| Contract Duration | Five Years from the signing date of Agreement. |
| Financial Impact and the Relevant Period | The financial impact of this Agreement will be reflected in the Company’s results during the years of the Agreement and in accordance with the volume of transactions because that the Company receives a portion of the fees of the executed transactions. |
| Related Parties | Board Member: His Excellency Dr. Issam Abdullah Al-Waqit |
| Additional Information | Not Applicable |
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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