Company Announcement
Rasan Information Technology Co. announces the signing of a Memorandum of Understanding (Non-binding) with Holoul Financing for Financial Technology (a Limited Liability Company) to acquire a 55% ownership stake in the company.
| Element List | Explanation |
|---|---|
| Introduction | Rasan Information Technology Co. announces the signing of a memorandum of understanding (Non-binding ) on Monday 25 Sha’ban 1446 H, corresponding to 24 February 2025 G with “Holoul Financing for Financial Technology” to acquire 55% of “Holoul Financing for Financial Technology”. |
| Date of signing the Memorandum of Understanding | 2025-02-24 Corresponding to 1446-08-25 |
| Memorandum Duration | The work under this memorandum begins from the date of its signing and lasts for 180 days. |
| Name of the Counterparty | Holoul Financing for Financial Technology |
| Name of Financial Advisor of Each Party | A financial advisor has not been appointed for this phase, and a specialized advisor will be appointed to complete the process of financial and legal due diligence. |
| Major Terms in the Memorandum | Rasan Information Technology Company will appoint advisors to complete the transaction as required and within the specified time frame for execution. Holoul Financing for Financial Technology, commits to providing all necessary documents to the due diligence advisors (financial and legal) who will be appointed by Rasan Information Technology Company. The memorandum of understanding also includes several common clauses that govern confidentiality, exclusivity, and restrictions on certain essential activities. It is important to note that the potential transaction's execution is subject to both companies agreeing on a final binding agreement that specifies the terms and conditions of the transaction. These terms will include obtaining all necessary regulatory approvals and related matters. Therefore, the signing of the memorandum of understanding does not necessarily mean that both parties will reach a final binding agreement regarding the potential transaction or that the potential transaction will take place between the parties. |
| Related Parties | There are no related parties. |
| Actions to be Taken by the Company during the Memorandum’s Duration | The completion of the proposed transaction is subject to the completion of the financial and legal due diligence process, followed by negotiations regarding the signing of a final binding agreement between the parties. |
| Approvals | In all cases, the completion of the potential transaction will be subject to several conditions, including obtaining the necessary regulatory approvals, in accordance with the relevant laws and regulations. |
| Additional Information | Currently, the financial impact cannot be determined. Any material developments regarding the final acquisition agreement will be announced in due course. |