Alhasoob inks non-binding MoU to acquire Alkhorayef Printing

Logo of Alhasoob Co.

Alhasoob Co. signed today, Dec. 24, a non-binding memorandum of understanding (MoU) with Alkhorayef Group Co. to probe the acquisition of Alkhorayef Printing Solutions Co. (APS), which is 100% owned by Alkhorayef Group, according to a Tadawul statement.

Under the deal, Alhasoob would purchase all shares owned by Alkhorayef Group in APS, in exchange for issuing shares to Alkhorayef Group. Final agreements will be signed after the completion of the necessary studies, due diligence, and regulatory approvals.

The MoU is effective from its signing date and is valid for eight months, extendable by mutual agreement.

No financial advisor has been appointed yet. A specialized advisor will be appointed for the financial and legal due diligence. Any fundamental developments regarding the acquisition will be announced in due course, Alhasoob noted.

The deal's completion is contingent on due diligence, negotiating a binding share purchase agreement, regulatory approvals, and the extraordinary general assembly's approval. There are no related parties involved, the company added.