Al Hassan Ghazi Ibrahim Shaker Co. announces signing a Memorandum of Understanding with Cashew Payments Holding Limited
|Introduction||Alhassan Ghazi Ibrahim Shaker Company (“Shaker”), Saudi Arabia’s leading importer, manufacturer and distributor of Air conditioners and Home Appliances, announces the signing of a (non-binding) memorandum of understanding with (“Cashew Payments Holding ltd.”) for a proposed possible investment by Shaker to launch the activities of Cashew KSA and support its growth as a strong market participant for fintech solutions in the kingdom.|
|Memorandum Signing Date||2022-06-19 Corresponding to 1443-11-20|
|Counterparty||Cashew Payments Holding Limited|
|Memorandum Subject||Shaker’s proposed possible investment in Cashew KSA to launch its operations in Saudi Arabia and support it to gain and grow its market share as a leading buy now pay later (BNPL) provider in the kingdom |
Upon the final agreement between both parties,
the shareholding structure of Cashew KSA will be as follows:
• Shaker shareholdings of up to 40%
• Cashew Payments Holding Limited shareholding at no less than 60%
|Memorandum Duration||This Memorandum shall stand automatically terminated upon execution of the Definitive Agreements or lapse of the Exclusivity Period |
(or such agreed extended time period), as may be agreed by both Parties, whichever is earlier.
Exclusive Period shall mean a period of ninety (90) days from the Effective Date.
|Related Parties||There are no related parties|
|Financial Impact||The financial impact of this announcement cannot be determined at this stage. Shaker will announce any meaningful developments in this regard at the appropriate time.|
|Additional Information||Any material developments regarding the Memorandum of Understanding will be announced in due course. |
Below you can find the website of Cashew Payments (“Cashew KSA”):
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.