TAQAT

02 May, 2024 08:20

Taqat Mineral Trading Co. Announces the Execution of Memorandum of Understanding with Company Statement Transport Trading Acquiring 100% of Company Statement Transport Trading

Element ListExplanation
Introduction TAQAT Mineral Trading Company announces that it has signed a (non-binding) memorandum of understanding to acquire 100% of Company Statement Transport Trading. Company Statement Transport Trading (Limited Liability Company); Registered with the Ministry of Commerce under Commercial Registry No. (1011020957) and dated (02/23/1435). Its address: Al-Kharj City, Al-Salam District, Abu Djuana Street, postal code (16278), and it works in the field of waste and scrap.
Date of signing the Memorandum of Understanding 2024-05-01 Corresponding to 1445-10-22
Memorandum Duration 4 Months
Name of the Counterparty Company Statement Transport Trading
Name of Financial Advisor of Each Party it is not determined yet.
Major Terms in the Memorandum Initiating the fruitful negotiation process and conducting the necessary reviews regarding the possibility of the TAQAT Mineral Trading Company acquiring Company Statement Transport Trading by (100%) and determining possible ways and mechanisms to achieve this, as the two parties must, upon the success of the negotiations, implement a final acquisition agreement binding on both parties before the date of 01/09. / 2024, and if the two parties wish to renew this period, this will be done through agreement between the two parties on the renewed period through an appendix to this memorandum, provided that it is written and signed by both parties. In the event that the two parties are unable to reach any agreement during the negotiation period, the memorandum of understanding will end. Without this memorandum entailing any financial or legal obligation on either party, or any obligations towards each other, except for cases of fraud and serious error that may occur from either party towards the other party, signing this memorandum does not mean in any way a guarantee or obligation. Either party may complete the acquisition process subject to this memorandum.
Related Parties There are no related parties
Actions to be Taken by the Company during the Memorandum’s Duration Initiating the fruitful negotiation process and conducting due diligence financial and legal examinations regarding the possibility of TAQAT Mineral Trading Company acquiring 100% of the ownership of Company Statement Transport Trading and determining possible ways to achieve this.
Approvals If we proceed, this proposed acquisition will be subject to obtaining the necessary regulatory approvals.

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