Saudi Arabia Refineries Company (the “Company”) announces that it has signed a non-binding memorandum of understanding (“MoU”) to acquire all shares of the shareholders in the German Saudi Industrial Company (together the “Shareholders”).
The MoU between the Company and the German Saudi Industrial Company is in connection with a share swap transaction of the German Saudi Industrial Company shares held by the Shareholders in exchange for the issuance of new shares in the Company to them by way of capital increase (the “Proposed Transaction”).
The parties have agreed on an initial valuation. The final value of the proposed transaction will be determined after completing the necessary studies and the due diligence process.
