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Artex Industrial Investment Company announced that the shareholders of one of the companies invested in it (al-Reef sugar Company)signed a memorandum of understanding with Ethraa holding company (closed joint stock company)to acquire all shareholders' shares.
| Element List | Explanation |
|---|---|
| Introduction | Artex Industrial Investment company that Al-Reef sugar Reefing (closed joint stock company), in which Artex owns a stake representing 15% of the capital, signed on 25/12/1446- 21/06/2025, a binding memorandum of understanding by the shareholders of Al-Reef Company with Ethraa Holding company (closed joint stock company), for the purpose of acquiring 100% of the full shares of Al-Reef sugar Refining company, taking into consideration the full value of the investment was written of according to the latest audited annual financial statements 31/12/2024 |
| Memorandum Signing Date | 2025-06-21 Corresponding to 1446-12-25 |
| Counterparty | 1. shareholders of Al-Reef Sugar Refining (Seller) 2.Ethraa holding Company (Buyer) |
| Memorandum Subject | The memorandum of understanding stipulates that the execution of the transaction is subject to the completion of due diligence by the Buyer, which includes financial, legal, operational and technical aspects and obtaining all necessary regulatory approvals related to the transaction. In case that the due diligence results indicate positive findings, all shareholders – include Artex Company - shall be committed to completing the transaction in accordance with the final terms to be negotiated and signed in the comprehensive purchase agreement, and providing the required guarantees to cover the financial obligations of Al-Reef Company, including the loan form the Saudi Industrial Development Fund. |
| Memorandum Duration | This memorandum shall become effective from the date of its signed for a period of 60 days and maybe extended by written agreement between both parties |
| Related Parties | There are no related parties in this transaction. |
| Financial Impact | If the transaction is completed, this may result in a potential positive financial impact from the reversal of the financial guarantee provision related to the Saudi Industrial Development Fund Loan, which is recorded in the financial statements in the amount 100,000,000 Saudi Riyals. |
| Additional Information | The company discloses any future material developments related to this transaction, if available, in accordance with the applicable rules and regulations. |
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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