The acquisition of Dar Al-Balad Business Solutions Company by the Saudi Advanced Industries Company aims to prepare it for listing on the main stock market within the next two years.
The Saudi Advanced Industries Company (Advanced) announced…Disclosure on the Saudi Tadawul website today, announced the signing of a (non-binding) memorandum of understanding with Dar Al-Balad Business Solutions Company to acquire up to 100% of the company’s shares, including its rights and obligations, upon reaching a final agreement between the two parties. The acquisition process comes within the framework of the Saudi Industries Company’s strategy. Advanced development in the continuous growth and sustainability that it targets.
The company stated that this memorandum aims to define the framework of understanding on the initial mutual obligations and rights between the two parties, and that the agreement is conditional on the results of the financial and legal due diligence work and negotiations to reach the final evaluation.
Also Read: Saudi Arabia bears taxes and customs duties on livestock
The acquisition of the company also aims to support and ensure continued growth, expand the scope of its services, and prepare it for listing on the main stock market during the next two years, as it is classified under the category of large companies and is classified to implement projects worth up to 200 million riyals.
The memorandum of understanding includes a number of generally accepted provisions that regulate the confidentiality of information, exclusivity, and restrictions on some essential work. It should be noted that the implementation of the potential deal is subject to the two companies agreeing on a final, binding agreement that specifies the terms and conditions of the deal.
Dar Al Balad Business Solutions Company was established in 2001, and is a subsidiary of Dar Al Balad Holding Company, and has a number of local branches. The company achieved net profits in 2023 exceeding 30 million riyals.
