Tharwah signs binding MoU to acquire 49% of Amjad Watan

Logo of Altharwah Albashariyyah Co.

Altharwah Albashariyyah Co. signed on Dec. 2 a binding memorandum of understanding (MoU) to acquire a 49% stake in Amjad Watan Exhibitions and Conferences Organization Co., a one-person company.

In a statement to Tadawul, Tharwah said this deal aligns with its new strategy, aimed at expanding business growth through acquisitions and capitalizing on opportunities by entering new sectors.

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The company added that this investment complements its efforts to achieve a sustainable positive impact, noting that the duration of the MoU is six months.

Tharwah mentioned that no financial advisor has been appointed at this stage. The company will carry out due diligence as agreed in the MoU and will announce any significant developments regarding the final acquisition agreement in due course.

According to the statement, Amjad Watan is a leading company in automating, digitizing, and managing experiences using cutting-edge global technologies. The company offers several specialized digital products based on scientific principles and supported by artificial intelligence (AI).

Tharwah specified several conditions for completing the deal, including satisfactory legal and financial due diligence results in compliance with Capital Market Authority (CMA) regulations and Saudi regulatory requirements.

The completion also depends on obtaining all necessary regulatory and third-party approvals, securing internal approval from the buyer, and meeting any additional conditions mutually agreed upon in the share purchase agreement (SPA).

The acquisition agreement will include provisions on non-compete clauses, conflict-of-interest transactions, principal shareholder loyalty commitments, and intellectual and intangible property rights. It will also address the continued involvement of key shareholders, and the achievement of target indicators specified in updated legal documents. Additionally, the MoU contains standard confidentiality clauses regulating the exchange of information between the parties.

During the agreement period, Tharwah will complete due diligence and finalize the SPA. The company clarified that there are no related parties involved.

While the MoU is binding, the acquisition is subject to obtaining the required approvals and signing the SPA.

Tharwah will provide updates on any significant developments related to the deal as they arise. The company confirmed that the deal is subject to obtaining approvals from relevant regulatory authorities, including the Capital Market Authority (CMA), the General Authority for Competition (GAC), and other applicable entities. It must also secure any additional necessary or appropriate approvals related to the acquisition.