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Filling & Packing Materials MFG. Co. (FIPCO) announces Signing of “Non-binding” MOU with Bina Industrial Investment Holding Co. to acquire full equity interests in the company.
| Element List | Explanation |
|---|---|
| Introduction | Filling & Packing Materials MFG. Co. (FIPCO), announces that it has signed Non-binding Memorandum Of Understanding “MOU” with Bina Industrial Investment Holding Company (BINA), by which the Parties agreed to commence discussions regarding FIPCO’s acquisition of 100% of the equity interests in (BINA). |
| Date of signing the Memorandum of Understanding | 2025-05-29 Corresponding to 1446-12-02 |
| Memorandum Duration | This MOU shall become effective as of the date of its execution and shall remain valid for a period of (180) days, renewable upon mutual agreement of the Parties. |
| Name of the Counterparty | Bina Industrial Investment Holding Company (BINA Holding) |
| Name of Financial Advisor of Each Party | An authorized financial advisor will be engaged to carry out the financial and legal due diligence process. |
| Major Terms in the Memorandum | The aim of MOU is to reach a final agreement regarding FIPCO’s acquisition of 100% of the equity interests in (BINA), following the discussion of the preliminary mutual rights and obligations between the Parties in relation to the Contemplated Transaction and the conduct of financial and legal due diligence as well as the valuation of the equity interests. The MOU sets out a general framework for the structure of the negotiations and the obligations of each Party to reach a final agreement regarding the Contemplated Transaction. The MOU also includes several customary provisions governing confidentiality of information, exclusivity, and restrictions on certain material actions. |
| Related Parties | A related party is involved in this transaction, as Eng. Ahmed Abdulatif Albarrak serves as the Chairman of the Board of Directors of (FIPCO), while also holding the position of Chief Executive Officer of (BINA). FIPCO will undertake all regulatory procedures related to transactions with related parties, in accordance with applicable laws and regulations. |
| Actions to be Taken by the Company during the Memorandum’s Duration | The execution of the Contemplated Transaction is subject to the completion of financial and legal due diligence, followed by negotiations on the terms of a definitive and binding agreement between the Parties. |
| Approvals | In all cases, the completion of the Contemplated Transaction shall be subject to several conditions, including obtaining the necessary regulatory approvals, in accordance with the applicable laws and regulations. |
| Additional Information | Any material developments 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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