لوجو المصافي

Saudi Arabia Refineries Company sign a non-binding memorandum of understanding to acquire all of the owners’ shares in Golden Compass Mining Services Company

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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

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Naif Alrajhi Investment expands its activity to include mining

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As one of the major multi-disciplinary investment companies with investments in real estate, capital markets, mergers and acquisitions; Naif Alrajhi Investment has always sought opportunities for fruitful expansions. The company’s latest investment explores the mining sector in partnership with The Golden Compass. 

The partnership’s interest in explorations for rare metals comes in line with the Vision 2030 of Saudi Arabia and its support to investments in general, as well as the growing attention the Kingdom has been paying to mining for rare metals.

Mr. Naif Saleh Alrajhi; Naif Alrajhi Investment CEO stated: “Mining for rare metals is among the most promising fields in the Kingdom, as it would create more investments opportunities, which would leave a great, positive impact on the national economy.”

While Eng. Meshary Al Ali, CEO of the Golden Compass added that “the established partnership will contribute to strengthening and enriching the Saudi market with the highest operational and advisory standards in the mining field, which will be positively reflected on the Kingdom’s global economic position”. He then continued, “We will also focus our efforts on developing and nationalizing our operations, drilling and advisory services of this promising field in order to build it with our local expertise”.

The Golden Compass has acquired four professional licenses in for mining, geological, geophysical and hydrological consultancy in the past two years which enables it to take the lead in this field, as it is the sole authorized company in the Kingdom to provide such advisory services, and has always strived to achieve the highest international standards of mining and quarrying services offered in the Kingdom.