Osool & Bakheet shareholders OK 51% stake acquisition in AOT

Logo of Osool and Bakheet Investment Co.

Osool & Bakheet Investment Co.’s shareholders approved the acquisition of a 51% stake in Advanced Operations Technology Co. (AOT) for SAR 5.1 million during an ordinary general meeting (OGM).

For more news and details on M&As

In a statement to Tadawul, the company outlined preferential terms for the acquisition. The sellers have agreed to transfer their entire shares to Osool & Bakheet, enabling the company to own 51% of AOT.

Furthermore, if AOT is listed on the stock market in the future, the buyer will waive certain subscription rights. Specifically, a maximum of SAR 2 million in subscription rights will be granted to seller Samiah AlYahya, and a maximum of SAR 3.33 million in subscription rights will be granted to seller Abdulrahman AlYahya.

The buyer’s commitment to the sellers will remain in effect for 10 years from the signing of the agreement, with terms subject to mutual agreement and compliance with relevant laws and regulations.

The statement also noted that the owners of AOT have both direct and indirect interests in the transaction. Osool & Bakheet’s Vice Chairman, Abdulrahman AlYahya, holds a direct 16.67% stake and an indirect interest through his sister, Samiah AlYahya, who owns 10%. Additionally, board member Khalid AlMousa has a direct 10% stake and an indirect interest through his brother, Abdulmohsen AlMousa, who also owns 10%.

Furthermore, shareholders approved transactions between Osool & Bakheet and Creative Future for Digital Brokerage Co., in which Abdulrahman AlYahya has an indirect interest. These transactions, valued at SAR 5.47 million in 2023, were conducted on commercial terms without preferential conditions.

Shareholders also elected the board of directors for the next four-year term, from Feb. 5, 2025, to Feb. 4, 2029. The elected members are Beshr Bakheet, Mazin AlDawood, Abdullah AlKhorayef, Abdulrahman AlYahya, Khalid AlMousa, and Wael AlSerhan.

According to data available on Argaam, Osool & Bakheet signed an acquisition agreement with the owners of AOT in July 2024 to acquire a 51% stake for a total value of SAR 5.1 million.