| Element List | Explanation |
|---|---|
| Introduction | In reference to the announcement by Saudi Arabian Refineries Company – SARCO (the “Company”) published on the Saudi Exchange 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 German Saudi Industrial Company, and the addendum announcement regarding the MoU published on the Saudi Exchange website on 02/01/1446H (corresponding to 08/07/2024G), related to the share swap of shares in the German Saudi Industrial Company “GESICO”, in exchange for the issuance of new shares in the Company through an increase in the Company’s capital, and the addendum announcement regarding the extension of the MOU dated 04/04/1446H (corresponding to 07/10/2024G) to extend the MOU for a period of (3) additional months with the same terms and conditions of the original MOU, the Company would like to announce that the MOU expired without concluding a binding agreement. |
| Previous Announcement | Saudi Arabian Refineries Company announces the latest developments regarding the non-binding memorandum of understanding with German Saudi Industrial Company (GESICO) (“the Target Company”) to acquire all shares in the Target Company. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-10-07 Corresponding to 1446-04-04 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The MOU expired without concluding any binding agreement. The Company continues to explore investment opportunities, either with GESICO or otherwise, and will announce any material events as and if they occur in accordance with the relevant regulations. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
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.