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United International Holding Company announces signing a Memorandum of Understanding with Nowpay Corp to establish Company for the purpose of providing payroll administration and processing services through Fintech.
| Element List | Explanation |
|---|---|
| Introduction | United International Holding Company announces signing a Memorandum of Understanding with Nowpay Corp to establish Company for the purpose of providing payroll administration and processing services through Fintech in the kingdom of Saudi Arabia |
| Memorandum Signing Date | 2025-01-02 Corresponding to 1446-07-02 |
| Counterparty | Nowpay Corp Fintech Company |
| Memorandum Subject | Establish Company for the purpose of providing payroll administration and processing services through Fintech in the kingdom of Saudi Arabia, through injecting worth SR 75m of initial investments, post granting the required necessary approvals from the concerned regulators. The Company shares will be 75% owned by United International Holding Company & 25% will be owned by Nowpay Corp. |
| Memorandum Duration | Two Months Extendable |
| Related Parties | None |
| Financial Impact | Apart from the initial investments size, it’s not possible to determine the financial impact |
| Additional Information | It's worth noting that Nowpay Company specializes in providing payroll administration and processing services through Fintech, that through a financial-wellness platform for employees, to enable the workforce to better manage their budget. Currently Nowpay is providing its services in Egypt, partnering with 350 Companies across various sectors, serving more than 300k employee benefiting from NowPay’s financial wellbeing solutions. Any material developments will be announced. |
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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