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Mayar Holding Company announces that one of its subsidiaries (Elevator Solutions Investment Company) has signed a (non-binding) memorandum of understanding to acquire a percentage (100%) of the shares of the ITM Company and Smart Elevator Company within one acquisition deal.
| Element List | Explanation |
|---|---|
| Introduction | Mayar Holding Company announces that one of its subsidiary companies (Elevator Solutions Investment Company) has signed a (non-binding) memorandum of understanding with both ITM Company and Smart Elevators Company within one acquisition deal. To acquire 100% of the total shares of the two companies, including their rights and obligations, upon reaching a final agreement between the parties. The acquisition process comes within the framework of the Elevator Solutions Company’s strategy to invest in expanding the market for selling, installing and maintaining elevators and escalators, and the continuous growth and sustainability that it achieves. The company targets it within the framework of the general policy of Mayar Holding Company. |
| Memorandum Signing Date | 2024-06-05 Corresponding to 1445-11-28 |
| Counterparty | ITM Company and Smart Elevators Company |
| Memorandum Subject | A memorandum of understanding (non-binding) concluded between Elevator Solutions Investment Company, a subsidiary of Mayar Holding Company, ITM Company and Smart Elevator Company (one deal) for the purpose of Elevator Solutions Investment Company acquiring 100% of the total shares of the (ITM Company) and 100% of the total shares of Smart Elevators Company. This memorandum aims to define the framework of understanding about the initial mutual obligations and rights between the two parties. The agreement is also conditional on the results of the financial and legal due diligence work and negotiation to reach the final evaluation. The memorandum of understanding also includes a number of generally accepted provisions that regulate the confidentiality of information, exclusivity, and restrictions on some essential actions. It should be noted that the implementation of the potential deal is subject to the parties agreeing to a final, binding agreement that determines the terms and conditions of the deal together. |
| Memorandum Duration | The memorandum will take effect from the date of its signing and will remain in force for a period of three months. It will not be renewed except by a written addendum between the parties, and it will expire at the end of its term or with the signing of a binding agreement between the parties. |
| Related Parties | N/A |
| Financial Impact | N/A |
| Additional Information | Any material developments regarding the deal 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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