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Mayar Holding Company announces that “Elevator Solutions Investment Company” (a 100% owned subsidiary of Mayar Holding Company) has acquired 100% of the shares of the Saudi Installation, Operation and Maintenance Company for Contracting and the Smart Elevator Company within one acquisition deal.
| Element List | Explanation |
|---|---|
| Introduction | With reference to Mayar Holding Company’s announcement on 06/05/2024 G, corresponding to 11/28/1445 H, that its subsidiary (Elevator Solutions Investment Company) signed a non-binding memorandum of understanding with both the Saudi Installation, Operation and Maintenance Company for Contracting and the Smart Elevator Company within one acquisition deal. Mayar Holding Company announces the conclusion of its subsidiary “Elevator Solutions for Investment dated 07/07/2024G” by signing a contract to acquire 100% of the Saudi Installation, Operation and Maintenance Contracting Company and 100% of the Smart Elevators Company and signing the binding purchase agreement. |
| Previous Announcement | 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. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-06-05 Corresponding to 1445-11-28 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Elevator Solutions Investment Company acquired 100% of the shares of the Saudi Installation, Operation and Maintenance Contracting Company and the Smart Elevator Company for a value of 40 million Saudi riyals and a 28% share in the Elevator Solutions Investment Company (the acquiring company). Under a binding purchase agreement, the agreement is subject to a number of terms and conditions necessary before completion, including but not limited to terms and procedures of a regulatory and commercial nature. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
| Additional Information | The amount is paid through the company's own sources according to the arrangements between the seller and the buyer within a time period of one year, and the acquisition aims to. - Enhancing the market share of Elevator Solutions Investment Company. - Providing integrated solutions to the company’s customers and diversifying the company’s product portfolio. - Diversification of the company’s elevator product basket - Increasing the company’s share in the Saudi elevator market The financial impact of this deal is expected to appear during the second half of the fiscal year 2024. Parties of the Transaction Elevator Solutions Investment Company as the buyer The following parties are the sellers -Abdul Rahman bin Abdul Aziz Al-Yabis -Faisal bin Abdul Rahman bin Abdul Aziz Al Yabis |
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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