Logo ofRasan Information Technology Co.
Rasan Information Technology Co. signed, on Feb. 24, a non-binding memorandum of understanding (MoU) with Holoul Financing for Financial Technology Co. to acquire 55% of Holoul. 
In a statement to Tadawul, the company said that the MoU is valid for 180 days from the signing date.
For more news and details on MAs
A financial advisor has not been appointed for this phase, and a specialized advisor will be appointed to complete the process of financial and legal due diligence, the statement added.
The MoU includes several common clauses that govern confidentiality, exclusivity, and restrictions on certain essential activities. The potential transaction’s execution is subject to both companies agreeing on a final binding agreement that specifies the terms and conditions of the transaction. These terms will include obtaining all necessary regulatory approvals and related matters. Therefore, the signing of the MoU does not necessarily mean that both parties will reach a final binding agreement regarding the potential transaction or that the potential transaction will take place between the parties, Rasan noted.
Meanwhile, Holoul Financing commits to providing all necessary documents to the due diligence advisors (financial and legal) who will be appointed by Rasan.
The completion of the proposed transaction is subject to the completion of the financial and legal due diligence process, followed by negotiations regarding the signing of a final binding agreement between the parties.
In all cases, the completion of the potential transaction will be subject to several conditions, including obtaining the necessary regulatory approvals, in accordance with the relevant laws and regulations, the company indicated.
The financial impact of the deal cannot be determined currently, Rasan referred, stating that any material developments regarding the final acquisition agreement will be announced in due course.
Logo ofRasan Information Technology Co.
Rasan Information Technology Co. signed, on Feb. 24, a non-binding memorandum of understanding (MoU) with Holoul Financing for Financial Technology Co. to acquire 55% of Holoul.
In a statement to Tadawul, the company said that the MoU is valid for 180 days from the signing date.
For more news and details on MAs
A financial advisor has not been appointed for this phase, and a specialized advisor will be appointed to complete the process of financial and legal due diligence, the statement added.
The MoU includes several common clauses that govern confidentiality, exclusivity, and restrictions on certain essential activities. The potential transaction’s execution is subject to both companies agreeing on a final binding agreement that specifies the terms and conditions of the transaction. These terms will include obtaining all necessary regulatory approvals and related matters. Therefore, the signing of the MoU does not necessarily mean that both parties will reach a final binding agreement regarding the potential transaction or that the potential transaction will take place between the parties, Rasan noted.
Meanwhile, Holoul Financing commits to providing all necessary documents to the due diligence advisors (financial and legal) who will be appointed by Rasan.
The completion of the proposed transaction is subject to the completion of the financial and legal due diligence process, followed by negotiations regarding the signing of a final binding agreement between the parties.
In all cases, the completion of the potential transaction will be subject to several conditions, including obtaining the necessary regulatory approvals, in accordance with the relevant laws and regulations, the company indicated.
The financial impact of the deal cannot be determined currently, Rasan referred, stating that any material developments regarding the final acquisition agreement will be announced in due course.
