Signing of a memorandum of understanding with the owners of Medscan Terminal Company,

Fri Nov 20 19:03:33 AST 2020

Saudi Company for Hardware (SACO) announces the signing of a memorandum of understanding on 27-10-2015 with the owners of Medscan Terminal Company, to acquire Medscan Terminal Company a Saudi limited liability company specializing in transporting goods, logistics, and warehousing located in Eastern Area , SACO would like to clarify the following:
1: Memorandum Duration: Six months, extendable on parties agreement.
2: SACO Financial Consultant: Ernst & Young.
3: Procedures will be taken by the company during the agreement: (1) Company consultants assigned for this purpose, will carry out due diligence legal and financial studies, in order to determine purchase price. (2) After completion of due diligence and price determination, the final sales agreement will be signed.
4: Any related parties: Members of Board of Directors Mr. Samaual Bakhsh & Mr. Diwan Sadeq Fadil as representatives of Abrar International Holding Company, one of the major shareholders of SACO, declared that there is a relationship between Abrar International Holding Company, and the process of buying the shares because the company of Retaaj Al Moutamiza Investment Company Ltd, one of the owners of Medscan Terminal Company, is owned by the same owners of Abrar International Holding Company.
5: There are no any preferential terms in this memorandum, and any related developments in it will be declared to the shareholders. The regulatory and statutory approvals will be obtained from the related bodies: any other necessary approvals will be obtained from the General Assembly.