Saudi Advanced Industries Company (SAIC) has signed a non-binding memorandum of understanding (MoU) with Dar Al-Balad Business Solutions Company to acquire up to 100% of the company’s shares, including its rights and obligations.

This MoU defines the framework of understanding about primary mutual obligations and rights, according to a bourse filing.

The completion of the deal depends on the results of the financial and legal due diligence work and negotiations to reach the final evaluation.

The acquisition comes within the framework of the SAIC's strategy for continued growth and sustainability.

The MoU will take effect from the date of its signing on 3 June 2024 and will remain in force for six months.

The agreement will only be renewed if a written addendum is executed by both parties, and will automatically terminate upon the expiration of its term or upon the signing of a binding agreement between the two parties.

It is worth noting that SAIC’s net profit soared to SAR 108.72 million in the first quarter (Q1) of 2024 from SAR 22.07 million in Q1-23.

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