| Element List | Explanation |
|---|---|
| Introduction | In reference to the announcement by Saudi Arabian Refineries Company – SARCO (the “Company”) published on Saudi Tadawul’s website on 01/01/1446H (corresponding to 07/07/2024G) regarding the signing of a non-binding Memorandum of Understanding (MoU) dated 30/12/1445H (corresponding to 06/06/2024G) with the Golden Compass Mining Services Company, and the addendum announcement regarding the MoU published on Saudi Tadawul’s website on 02/01/1446H (corresponding to 08/07/2024G), related to the exchange of owner-owned shares in the Golden Compass Mining Services Company “GCMSC”, in exchange for the issuance of new shares in the company through an increase in the company’s capital.
The company would like to announce that on 1446/04/03H corresponding to 2024/10/06G it has agreed with the Golden Compass Mining Services Company “GCMSC”, to extend this MoU with the same terms and conditions as the previous for a period of (3) additional three months from the date of expiry of the MoU, and the extension is due to the company’s appointment of specialized advisers, and to complete the necessary procedures to complete the transaction, including financial, legal, commercial and technical evaluations, in order for the company to complete the transaction in accordance with the regulatory procedures. |
| Previous Announcement | Addendum Announcement from Saudi Arabia Refineries Company in relation to the non-binding MOU with the Golden Compass Mining Services Company (GCMSC) to acquire all of GCMSC shares. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-07-08 Corresponding to 1446-01-02 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Extension of the MoU with the same previous terms and conditions for an additional (3) three months from the date of expiry of the MoU. |
| Reasons For The Delay on The Date of The Event Previously Announced | The extension is due to the company’s appointment of specialized advisers, and to complete the necessary procedures to complete the transaction, including financial, legal, commercial and technical evaluations, in order for the company to complete the transaction in accordance with the regulatory procedures. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no change in costs associated with the event. |
| Additional Information | The Company has appointed the Financial Adviser, Legal Adviser, Financial and Tax Due Diligence Adviser and Technical Due Diligence Adviser to carry out the due diligence work, conduct the necessary assessments and final negotiations, and sign the agreement in preparation for submitting the related files to the relevant authorities to obtain the necessary approvals. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.