iOud signs financial advisory contract for transition to TASI

Logo ofIntelligent Oud Co. for Trading (iOud)

Intelligent Oud Company for Trading (iOud) signed, on Jan. 30, a financial advisory contract with Amwal Capital to provide the former with financial advisory services, aimed at supporting its strategic goals related to mergers and acquisitions (M&As), as well as exploring its transition to the Main Market (TASI).

The contract aims to conduct a diagnostic study and roadmap to meet the requirements for transitioning to TASI, according to a Tadawul statement.

The move intends to explore potential mergers and acquisitions (M&As) and their impact on the company's qualification for the transition. This is in addition to providing recommendations to the board of directors regarding the appropriate time for the transition.

If the transition is approved by the board, the necessary documents and procedures will be completed with Tadawul.

iOud highlighted that the contract entails conducting a diagnostic study to meet the requirements of the Capital Market Authority (CMA) and submitting a transition request if the board decides to proceed after fulfilling all regulatory conditions.

The transition request will be presented to the board for final approval before submission to the CMA.

The company will announce any material developments, including board decisions, submission of the request, or obtaining the CMA approval.

It emphasized that signing the contract does not constitute a final transition commitment at this stage.

The studies aim to assess feasibility and available options, without necessarily confirming concrete plans or commitments to any acquisition or merger, iOud noted.

The firm added that it would announce any material developments if formal decisions are made.

There is no direct material financial impact from signing the contract aside from its costs, the statement said, confirming that no related parties are involved.

The move aligns with iOud's strategy to foster growth and expand its business in line with its long-term objectives, thereby strengthening its market position and enhancing future investment opportunities.