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Knowledge Net Co. Announces the Selling of Investement in the amount of 11,977,320 SAR
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KNOWLEDGENET
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1446/05/23 25/11/2024 15:49:38
| Element List | Explanation |
|---|---|
| Introduction | Knowledge Net Co. announces the signing of an acquisition agreement by the Saudi Technology Fund for a 100% stake in Takharej for Information Technology, one of its subsidiaries (indirectly owned at 93.10%), which was established by Knowledge Net Co. using its technologies. |
| Transaction Details | In reference to the Memorandum of Understanding signed between Knowledge Net Co. and Bayt Al-Namo Financial Company on June 8, 2024, with the aim of acquiring the subsidiaries established by Knowledge Net Co. using its technologies and in which it holds stakes, a second agreement was signed on Monday, November 25, 2024, with the Saudi Technology Fund. This agreement pertains to the acquisition of a 100% stake in Takharej for Information Technology (87.40% owned by Solutions Company and 12.60% by Amwal Company) for a total value of SAR 13,250,000. Knowledge Net Co. holds an indirect stake of 93.10% in the company, through a 99.9% ownership in Solutions Company and a 45% stake in Amwal Company. The payment will be made in exchange for 1,197,732 units in the Saudi Technology Fund, valued at SAR 11,977,320. |
| Transaction Amount | 11,977,320 SAR |
| Transaction Conditions | N/A |
| Parties of the Transaction | knowledgeNet Computer Company, Saudi Technology Fund, Takharej for Information Technology ,Amwal Information Technology Co, Al-Halloul Faniye for Financial Technology |
| Date of Entering Into The Transaction | 2024-11-25 Corresponding to 1446-05-23 |
| Description of Activity of The Asset Subject of The Transaction | Takharej for Information Technology is one of Knowledge Net Co's subsidiaries (indirectly owned at 93.10%) that operates in the field of application development, custom software design and programming, as well as biotechnology solutions. |
| Asset Book Value | The book value of the asset is SAR 43,700, representing 93.10% of the capital of Takharej for Information Technology. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Total Asset Cost: 2022: SAR 1,423,885 2023: SAR 1,484,207 October 2024 (10 months): SAR 1,386,821 |
| Transaction reasons | This is considered a strategic step aligned with Knowledge Net Co's long-term goals to maximize the return on its proprietary software used by emerging companies. |
| Expected Impact of the Transaction on the Company and Its Operations | Under the terms of the deal, Knowledge Net Co will own 1,197,732 units in the Saudi Technology Fund. Any gains from this transaction will be reflected in the consolidated profit or loss statement, which is expected to have a positive impact on Knowledge Net Co's projected profits for 2024. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used to support Knowledge Net Co's expansion and growth strategy, aiming to maximize the overall return for shareholders. This will be achieved by retaining the investment to optimize returns and using it as a source of cash flow to finance and support Knowledge Net Co's expansion activities. |
| Related Parties | N/A |
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 9.49
Net Change 0.0 (0.0%)
Value Traded (Sar) 173.48
Volume Traded 17
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