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 Golden Compass Mining Services Company (together the “Shareholders”).
The MoU between the Company and the Golden Compass Mining Services Company is in connection with a share swap transaction of the Golden Compass Mining Services 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.
The MoU shall be effective from the date it is executed between the parties and shall be valid for (90) days unless otherwise agreed by the parties in writing.
Source: Saudi Exchange